All New Electric Vehicles Are Eligible for the Clean Vehicle Tax Credit
If you are looking into the electric vehicle market, this year is the right time. This is because the Internal Revenue Service (IRS) provides tax credits of $7,500 for those who buy or rent new electric vehicles and tax credits of up to $4,000 for used electric vehicles.
The Clean Vehicle Tax Credit is an attempt to encourage consumers to buy more electric vehicles; however, not all of them are eligible for the loan, and there has been some uncertainty as to which vehicles would qualify as the Inflation Reduction Act (IRA) of 2022 included last-minute changes. But the IRS recently released a list of vehicles they say are eligible for the loan.
New electric vehicles are eligible for a tax credit
Here are the new vehicles covered by the full $7,500 credit:
Read more about how to claim a tax deduction for a used electric car here .
Who is eligible for the Clean Vehicle Tax Credit?
To qualify for the tax credit, you must buy the vehicle for yourself (not for resale) and use it in the US. and $150,000 for all other applicants.