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There is also a ceiling on the adjusted gross income to qualify for the credit.

The manufacturing cap, which disqualified automakers that have manufactured more than 200,000 EVs, has been lifted.

For critical minerals, the cutoff is 2025.

Beginning in 2024, vehicles that contain battery parts from "a foreign entity of concern" will be unable to claim any of the credit.

Starting in 2024, the credit can be implemented at the point of sale as "cash on the hood," meaning you can apply it toward the purchase price of your vehicle.

For vans, SUVs and light trucks, the ceiling is $80,000. For passenger cars, the manufacturer's suggested retail price, or MSRP, must be $55,000 or less.

There is a price cap on qualifying EVs.The Inflation Reduction Act made several major changes to the tax credit: What are the requirements for the EV tax credit? Here's what you need to know about the revised EV tax credit, including which cars qualify and how to claim it.įor more on electric vehicles, see how many charging stations there are in your state and lay your eyes on the first hybrid Corvette. While auto companies will probably announce new incentives to encourage people to buy electric vehicles, one of the best incentives has been on the books for some time: the EV tax credit.īut this robust tax break, which offers up to $7,500 toward the purchase of a new electric vehicle, was overhauled by the Inflation Reduction Act. 9 is World EV Day, now in its fourth year.