February 15, 2023
Thinking about going green in 2023 with a new Electric Vehicle? We want to make sure that you are aware that as part of the Inflation Reduction Act, you can get up to a $$7,500 EV tax credit on your next car Purchase.
The 2023 Clean Vehicle Credit isn’t the easiest to navigate, and it has significantly changed since the 2022 EV Tax Credit Program. We have gathered some information here that will help you understand how this program works so that you can take advantage of it for your next purchase.
There are some rules that apply to you, the vehicle, and the seller when applying for the $7,500 tax credit.
If you purchase a used EV you may be eligible up to a $4,000 credit and if you purchased a new car before 2023 you may qualify for up to the full $7,500 tax credit.
If you purchased your car in 2022 you might be able to get up to a $7,500 credit. The breakdown is $2,917 for vehicles with at least 5 Kilowatt hours (kWh) and $417 for each kWh after. Additionally, the vehicle must be less than 14,000 bs
If you purchased a vehicle in 2022 after August 16th, your purchase may qualify if it follows the rules for other 2022 purchases and must have been assembled in the US.
To claim the credit for your car purchase, you will need to fill out tax Form 8936 and send it with your Vehicle Identification Number (VIN) and your tax return.
While there are a lot of restrictions to be aware of you have plenty of choices when it comes to purchasing an EV. We want to help you make sure that you get as much of the tax credit as possible.
If you have any questions, please give us a call, or visit one of our many dealerships throughout Portland, Vancouver, Sandy, and Kelso. And, while you’re out make sure to take a test drive in one of the many EVs we have available now.
Here are a few additional resources for you to check out to make sure you fully understand how to get your $7,500 Tax Credit