The IRS Clean Vehicle Tax Credit is a financial incentive provided by the U.S. government to encourage the purchase of qualifying electric vehicles (EVs) and plug-in hybrid vehicles (PHEVs).
The IRS Clean Vehicle Tax Credit is designed to provide financial relief to individuals and businesses who purchase qualifying electric vehicles.
Clean vehicle tax credit is available to individuals and their businesses, if they put a new plug-in electric vehicle or fuel cell vehicle into service in 2023 or later.
To qualify, a vehicle must, have a battery capacity of at least 7 kilowatt hours and have a gross vehicle weight rating of less than 14,000 pounds.
The amount of the credit depends on when you placed the vehicle in service (took delivery), regardless of purchase date. Generally, the credits range from $2,500 to $7,500 per vehicle.
Your modified adjusted gross income (AGI) may not exceed to $300,000 for married couples filing jointly , $225,000 for heads of households and $150,000 for all other filers.