New clean vehicles are eligible for up to $7,500 depending on battery size until further guidance from the Treasury/ IRS is released in March 2023.
Previously owned clean vehicles (also known as “used vehicles”) are eligible for a tax credit of up to $4,000.The minimum battery capacity must be 7 kilowatt hours
What You Need To Know About 2023 EV Tax Credits –
- Vehicles must be made by a qualified manufacturer
- MSRP limitations apply
- Income limits apply to taxpayers
- The taxpayer must report the vehicle identification number (VIN) of the vehicle on the taxpayer’s income tax return
- Dealers must provide reports to the taxpayer and the IRS regarding the sale of the vehicle