- More than two-dozen cars are now eligible for federal tax credits up to $7,500.
- The law is designed to encourage EV adoption and spur American EV manufacturing.
- Here’s the full list of electric cars, trucks, and SUVs that qualify for a full or partial tax credit.
The US Treasury Department has updated its list of electric and plug-in hybrid vehicles that qualify for up to $7,500 of EV tax credits, which stem from the massive Inflation Reduction Act passed in August 2022.
The list also details which electrified vehicles qualify for half the credit, or $3,750.
Credit qualifications are determined by the vehicle’s sticker price ($80,000 for vans, SUVs, and trucks; and $50,000 for everything else) and whether it was assembled in the US. The vehicle also must be brand new.
For a buyer to be eligible, they’ll need to meet certain income requirements and use the car primarily in the US.
The tax credits are meant to incentivize the auto industry to move their supply chains and invest in electric vehicle development in the US.
Importantly, the rules were in flux between the bill’s passage into law and the full set of rules being released by the Treasury Department. This list is for vehicles purchased new and driven off lots after April 18. To claim the credit, you’ll need to provide your vehicle’s VIN on a specific form with your taxes.
Here’s the full list of vehicles that qualify for a full- or half-credit: