A slew of new electric vehicles are eligible for a tax credit that was revised as part of the Inflation Reduction Act, recently signed into law by President Joe Biden.
As we have reported, this credit for EVs purchased new has been renamed the “clean vehicle credit” and changed in a few other ways.
Now, the IRS has issued clarifications about the requirements of the clean vehicle credit, and the U.S. Department of Energy has released a list of the vehicles that are eligible.
In order for a vehicle to be eligible for the credit — which is still worth up to $7,500 — final assembly of the auto generally must take place in North America.
And beginning on Jan. 1, 2023, additional provisions will be put into place, with “further guidance” to be announced later, according to the Department of Energy.
Following is a list of 2022 and 2023 models eligible for the credit. Note that some vehicles assembled in North America have reached a cap of 200,000 EV credits used. That means they are not currently eligible for the clean vehicle credit.
2022 models
- Audi Q5
- BMW 3-series Plug-In
- BMW X5
- Chevrolet Bolt EUV (manufacturer sales cap met)
- Chevrolet Bolt EV (manufacturer sales cap met)
- Chrysler Pacifica PHEV
- Ford Escape PHEV
- Ford F Series
- Ford Mustang MACH E
- Ford Transit Van
- GMC Hummer Pickup (manufacturer sales cap met)
- GMC Hummer SUV (manufacturer sales cap met)
- Jeep Grand Cherokee PHEV
- Jeep Wrangler PHEV
- Lincoln Aviator PHEV
- Lincoln Corsair Plug-in
- Lucid Air
- Nissan Leaf
- Rivian EDV
- Rivian R1S
- Rivian R1T
- Tesla Model 3 (manufacturer sales cap met)
- Tesla Model S (manufacturer sales cap met)
- Tesla Model X (manufacturer sales cap met)
- Tesla Model Y (manufacturer sales cap met)
- Volvo S60
2023 models
- BMW 3-series Plug-In
- Bolt EV (manufacturer sales cap met)
- Cadillac Lyriq (manufacturer sales cap met)
- Mercedes EQS SUV
- Nissan Leaf
Although this list is a good starting point, the U.S. Department of Energy encourages you to confirm any vehicle’s build location by finding its vehicle identification number (VIN) and using the National Highway Traffic Safety Administration’s online VIN decoder tool.
Before you rush out to the dealer, check out Money Talks News founder Stacy Johnson’s take in “Should You Buy an Electric Car?“
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