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Your Guide to EV Tax Credit


The federal electric vehicle (EV) tax credit offers up to $7,500 for new EV purchases and up to $4,000 for used EVs. In 2024, buyers can transfer this credit to dealers for an immediate discount. Eligibility depends on income limits ($150,000 for joint filers) and vehicle requirements, including price caps and manufacturing guidelines. Stricter rules now apply to battery and sourcing requirements, limiting the number of qualifying vehicles. Only specific models, like the Cadillac LYRIQ and Chevrolet Bolt EV, meet the criteria. Buyers should check the latest IRS guidelines for up-to-date information on eligible models​.
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