{"id":1894,"date":"2023-05-24T13:45:57","date_gmt":"2023-05-24T17:45:57","guid":{"rendered":"https:\/\/www.bowditch.com\/estateandtaxplanningblog\/?p=1894"},"modified":"2023-05-24T13:45:57","modified_gmt":"2023-05-24T17:45:57","slug":"tax-credit-for-electric-vehicles-purchased-in-2023-and-later-does-your-new-vehicle-qualify","status":"publish","type":"post","link":"https:\/\/www.bowditch.com\/estateandtaxplanningblog\/2023\/05\/24\/tax-credit-for-electric-vehicles-purchased-in-2023-and-later-does-your-new-vehicle-qualify\/","title":{"rendered":"Tax Credit for Electric Vehicles Purchased in 2023 and Later \u2013 Does Your New Vehicle Qualify?"},"content":{"rendered":"<p>Despite the predictions and media attention, <a href=\"https:\/\/cleantechnica.com\/2023\/02\/25\/us-electric-car-sales-increased-65-in-2022\/\" target=\"_blank\" rel=\"noopener\">electric vehicles (EV) accounted for only 5.7% of all automobiles<\/a> purchased in the United States in 2022.<\/p>\n<p>Globally, <a href=\"https:\/\/electrek.co\/2023\/04\/26\/global-electric-car-sales-iea\/\" target=\"_blank\" rel=\"noopener\">EV sales rose to 14%<\/a> in 2022.<\/p>\n<p>The persistently <a href=\"https:\/\/www.nytimes.com\/2022\/08\/08\/business\/energy-environment\/electric-vehicles-climate-bill.html\" target=\"_blank\" rel=\"noopener\">high cost of new EVs<\/a> has made purchasing one out of reach for most consumers. However, the U.S. Tax Code provides a subsidy and tax incentive for those willing to take the plunge.<\/p>\n<p>New EVs or fuel cell vehicles purchased in 2023 may qualify for a tax credit of up to $7,500. However, the Inflation Reduction Act of 2022 placed new requirements on qualifying vehicles purchased between 2023 and 2032.<\/p>\n<h2>Which vehicles qualify?<\/h2>\n<p>Vehicles will have to meet mineral and battery component requirements for a credit up to:<\/p>\n<ul>\n<li>$3,750 if the vehicle meets the critical minerals requirement only<\/li>\n<li>$3,750 if the vehicle meets the battery components requirement only<\/li>\n<li>$7,500 if the vehicle meets both<\/li>\n<\/ul>\n<h3>Critical Minerals<\/h3>\n<p>To be eligible for the full <a href=\"https:\/\/afdc.energy.gov\/laws\/409\" target=\"_blank\" rel=\"noopener\">electric vehicle and fuel cell electric vehicle tax credit<\/a> a percentage of the minerals must be extracted or processed in the United States or by a U.S. free-trade agreement partner or recycled in North America and must meet or exceed the following thresholds:<\/p>\n<table>\n<thead>\n<tr>\n<td><strong>Year<\/strong><\/td>\n<td><strong>Critical minerals minimum percent value requirement<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>2023<\/td>\n<td>40%<\/td>\n<\/tr>\n<tr>\n<td>2024<\/td>\n<td>50%<\/td>\n<\/tr>\n<tr>\n<td>2025<\/td>\n<td>60%<\/td>\n<\/tr>\n<tr>\n<td>2026<\/td>\n<td>70%<\/td>\n<\/tr>\n<tr>\n<td>2027 &amp; later<\/td>\n<td>80%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Battery Component<\/h3>\n<p>To be eligible for the full credit the percentage of the battery components that are manufactured or assembled in North America must meet or exceed:<\/p>\n<table>\n<thead>\n<tr>\n<td><strong>Year<\/strong><\/td>\n<td><strong>Battery components minimum percent value requirement<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>2023<\/td>\n<td>50%<\/td>\n<\/tr>\n<tr>\n<td>2024-2025<\/td>\n<td>60%<\/td>\n<\/tr>\n<tr>\n<td>2026<\/td>\n<td>70%<\/td>\n<\/tr>\n<tr>\n<td>2027<\/td>\n<td>80%<\/td>\n<\/tr>\n<tr>\n<td>2028<\/td>\n<td>90%<\/td>\n<\/tr>\n<tr>\n<td>2029 &amp; later<\/td>\n<td>100%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>Limit on Vehicle Purchase Price<\/h2>\n<p>In addition, the vehicle&#8217;s manufacturer suggested retail price (MSRP) can&#8217;t exceed:<\/p>\n<ul>\n<li>$80,000 for vans, sport utility vehicles and pickup trucks<\/li>\n<li>$55,000 for other vehicles<\/li>\n<\/ul>\n<h2>Who qualifies for the credit?<\/h2>\n<p>In order to qualify for the credit, your modified adjusted gross income (AGI) may not exceed:<\/p>\n<ul>\n<li>$300,000 for married couples filing jointly<\/li>\n<li>$225,000 for heads of households<\/li>\n<li>$150,000 for all other filers<\/li>\n<\/ul>\n<h2>Other Requirements?<\/h2>\n<p>You must:<\/p>\n<ul>\n<li>Buy the vehicle for your own use and not for resale<\/li>\n<li>Use the vehicle primarily in the U.S.<\/li>\n<\/ul>\n<p>There are other requirements for the <a href=\"https:\/\/www.irs.gov\/credits-deductions\/credits-for-new-clean-vehicles-purchased-in-2023-or-after\" target=\"_blank\" rel=\"noopener\">credits for new clean vehicles purchased in 2023 or after<\/a> that can be found on the IRS website. The IRS has also issued a <a href=\"https:\/\/www.irs.gov\/pub\/taxpros\/fs-2023-08.pdf\" target=\"_blank\" rel=\"noopener\">fact sheet about new, previously owned and qualified commercial clean vehicle credits<\/a> in a question-and-answer format.<\/p>\n<p>For most consumers, the easiest way to see whether a vehicle qualifies for the credit is to visit <a href=\"https:\/\/fueleconomy.gov\/feg\/tax2023.shtml\" target=\"_blank\" rel=\"noopener\">the government\u2019s fuel economy website<\/a>.<\/p>\n<h2>How to Claim the Credit<\/h2>\n<p>Taxpayers will claim the credit on <a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-8936\" target=\"_blank\" rel=\"noopener\">Form 8936<\/a> when they file their federal income tax return.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Despite the predictions and media attention, electric vehicles (EV) accounted for only 5.7% of all automobiles purchased in the United States in 2022. Globally, EV sales rose to 14% in 2022. The persistently high cost of new EVs has made purchasing one out of reach for most consumers. However, the&hellip;<\/p>\n","protected":false},"author":1,"featured_media":1895,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false,"_links_to":"","_links_to_target":""},"categories":[507,506],"tags":[511,508,510,509],"class_list":["post-1894","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-electric-vehicles","category-tax-credits","tag-commercial-clean-vehicle-tax-credits","tag-electric-cars","tag-electric-vehicle-subsidy","tag-tax-incentives-for-electric-vehicles"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Tax Credit for Electric Vehicles Purchased in 2023 and Later \u2013 Does Your New Vehicle Qualify? - Don\u2019t Tax Yourself<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bowditch.com\/estateandtaxplanningblog\/2023\/05\/24\/tax-credit-for-electric-vehicles-purchased-in-2023-and-later-does-your-new-vehicle-qualify\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tax Credit for Electric Vehicles Purchased in 2023 and Later \u2013 Does Your New Vehicle Qualify? - Don\u2019t Tax Yourself\" \/>\n<meta property=\"og:description\" content=\"Despite the predictions and media attention, electric vehicles (EV) accounted for only 5.7% of all automobiles purchased in the United States in 2022. Globally, EV sales rose to 14% in 2022. The persistently high cost of new EVs has made purchasing one out of reach for most consumers. 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