{"id":73761,"date":"2023-04-03T00:00:00","date_gmt":"2023-04-03T00:00:00","guid":{"rendered":"https:\/\/joggingvideo.com\/cars\/ev-tax-credit-which-models-will-qualify-for-the-7500-tax-break-after-april-18\/"},"modified":"2023-04-03T00:00:00","modified_gmt":"2023-04-03T00:00:00","slug":"ev-tax-credit-which-models-will-qualify-for-the-7500-tax-break-after-april-18","status":"publish","type":"post","link":"https:\/\/1800birks4u.com\/cars\/ev-tax-credit-which-models-will-qualify-for-the-7500-tax-break-after-april-18\/","title":{"rendered":"EV Tax Credit: Which Models Will Qualify for the $7,500 Tax Break After April 18?"},"content":{"rendered":"
<\/p>\n This story is part of CNET Zero<\/span>, a series that chronicles the impact of climate change and explores what’s being done about the problem. <\/p>\n <\/a><\/p>\n <\/span><\/p>\n The US Treasury Department\u00a0has announced new guidance<\/a><\/span> on the electric vehicle tax creditWorth $7,500, the tax break was overhauled by the Inflation Reduction Act of 2022<\/a>. Among other additions, the law established income limits and price caps and required that a vehicle’s final assembly be in the US.<\/p>\n Most of the guidelines have gone into effect already, but final battery and mineral standards were delayed while the Treasury Department hashed out how it would define processing, extraction and recycling. \u00a0 <\/p>\n That guidance is out now and will take effect on April 18. For a vehicle to qualify for the full $7,500 credit next month, 50% of the value of its battery components must be manufactured or assembled in North America and 40% of its critical minerals must be sourced in the US or in a trade-partner country.\u00a0 <\/p>\n The Treasury Department won’t release the list of EVs that meet these standards until April 17, adding more complexity to an already confusing process. \u00a0\u00a0 Here’s what you need to know if you’re claiming the EV credit for tax year 2022, buying an electric vehicle now or just thinking about it for the future. <\/p>\n For more on electric vehicles<\/strong>, get the lowdown on the best models for 2023<\/a><\/span>, and see how many public charging stations there are in your state<\/a><\/span>. <\/p>\n To encourage Americans to move away from gas-powered automobiles, the federal government allows taxpayers who buy a qualified plug-in, hybrid or fuel-cell vehicle to claim a credit on their tax return, under IRS Code Section 30D. <\/p>\n Find the right car for you<\/p>\n View Local Inventory<\/span><\/p>\n Known as the EV tax credit or the clean vehicle credit, it’s equal to $2,917 for a vehicle with a battery capacity of at least 5 kilowatt hours (kWh), plus $417 for each kWh of capacity over 5 kWh, with a maximum of $7,500. <\/p>\n The credit is nonrefundable, so you can’t get back more money than you owe in taxes. <\/p>\n To qualify for the credit on your 2022 tax return<\/a>, your vehicle must have been purchased before Jan. 1, 2023, be for your own use and be driven primarily in the US. The vehicle also must have an external charging source and a gross vehicle weight rating of under 14,000 pounds. If you purchased the vehicle last year, it must also have been produced by a manufacturer that hasn’t sold more than 200,000 EVs in the US. In practice, that makes 2022 models from Tesla and Ford ineligible, though this stipulation has been lifted for 2023. In addition, if you bought your EV between Aug. 17 and Dec. 31, 2022, it must have undergone final assembly in North America.\u00a0 <\/p>\n According to the IRS, you don’t have to worry about the final assembly requirement if you “entered into a written binding contract” after Dec. 31, 2021, but before August 17, 2022. (It’s a good idea to check with the IRS or your tax preparer to be certain, though.) <\/p>\n Below is the list of approved 2022 car models from the Department of Energy’s Alternative Fuels Data Center website. (You can also enter your automobile’s vehicle identification number, or VIN, on the\u00a0Department of Energy website.) As noted, some manufacturers have reached the maximum number of EVs they could sell and still be eligible for the full credit.\u00a0 <\/p>\n What is the electric vehicle tax credit? <\/h2>\n
Which cars qualify for the EV credit in tax year 2022? <\/h2>\n
Approved 2022 vehicles <\/span><\/h2>\n