Humphrey Yang

Electric Vehicle Tax Credit Starting in 2023. For a full list of EVs that qualify, please check the following article from Electrek.co.

https://electrek.co/2022/11/16/which-electric-vehicles-still-qualify-for-us-federal-tax-credit/

From Electrek.co:

“First and foremost, it’s important to understand three little words the government slips in front of the $7,500 credit – “may” and “up to.” As in, you may qualify for up to $7,500 in federal tax credit for your electric vehicle. At first glance, this credit may sound like a simple flat rate, but that is unfortunately not the case.

For example, if you purchased a Ford F-150 Lightning and owed say, $3,500 in income tax this year, then that is the federal tax credit you would receive. If you owed $10,000 in federal income tax, then you would qualify for the full $7,500 credit.
It’s important to note that any unused portion of the $7,500 is not available as a refund, nor as a credit for next year’s taxes.”

Hope this helps and comment any questions!

#electricvehicles #electric