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This EV Tax Credit passed in the 2022 Inflation Reduction Act extends tax credits on new EVs purchased through 2023 and beyond, meaning it’s not too late to reap the tax benefits of an EV purchase.
If you purchase a qualifying EV this year, you can file for up to $7,500 in tax credit next year.
The qualifications for the EV Tax Credit are pretty straightforward.
First, you’ve got to purchase a qualifying EV (you can find a list of qualifying EVs below). To qualify, cars must be assembled in North America and meet pricing requirements.
After purchasing a qualifying vehicle, be sure to keep your documents in a safe place until tax season. When you fill out your taxes, remember to let your accountant, tax filer, or TurboTax know about your purchase.
| Make | Model | Year | Price |
|---|---|---|---|
|
Audi |
Q5 TFSI e Quattro |
2023 |
$80,000 |
|
BMW |
330e |
2021-2023 |
$55,000 |
|
BMW |
BMW X5 xDrive45e |
2021-2023 |
$80,000 |
|
Cadillac |
Lyriq |
2022-2023 |
$55,000 |
|
Chevrolet |
Bolt |
2022-2023 |
$55,000 |
|
Chevrolet |
Bolt EUV |
2022-2023 |
$55,000 |
|
Chrysler |
Pacifica |
2022-2023 |
$80,000 |
|
Ford |
Escape Plug-In Hybrid |
2022-2023 |
$55,000
|
|
Ford |
E-Transit |
2022-2023 |
$80,000 |
|
Ford |
F-150 Lightning |
2022-2023 |
$80,000 |
|
Ford |
Mustang Mach-E |
2022-2023 |
$55,000
|
|
Jeep |
Grand Cherokee 4xe |
2022-2023 |
$80,000 |
|
Jeep |
Wrangler 4xe |
2022-2023 |
$80,000 |
|
Lincoln |
Aviator Grand Touring |
2022-2023 |
$80,000 |
|
Lincoln |
Corsair Grand Touring |
2022-2023 |
$55,000
|
|
Nissan |
Leaf S |
2021-2023 |
$55,000
|
|
Nissan |
Leaf S Plus |
2021-2022 |
$55,000
|
|
Nissan |
Leaf SL Plus |
2021-2022 |
$55,000
|
|
Nissan |
Leaf SV |
2021-2022 |
$55,000
|
|
Nissan |
Leaf SV Plus |
2021-2023 |
$55,000
|
|
Rivian |
R1S |
2022-2023 |
$80,000 |
|
Rivian |
R1T |
2022-2023 |
$80,000 |
|
Tesla |
Model 3 Rear Wheel Drive |
2022-2023 |
$55,000 |
|
Tesla |
Model 3 Long Range |
2022-2023 |
$55,000 |
|
Tesla |
Model Y All-Wheel Drive - 7 seat variant (3-rows) |
2022-2023 |
$80,000 |
|
Tesla |
Model Y Long Range - 7 seat variant (3-rows) |
2022-2023 |
$80,000 |
|
Tesla |
Model Y Performance - 7 seat variant (3-rows) |
2022-2023 |
$80,000 |
|
Tesla |
Model Y All-Wheel Drive - 5 seat variant (2-rows) |
2022-2023 |
$55,000 |
|
Tesla |
Tesla Model Y Long Range - 5 seat variant (2-rows) |
2022-2023 |
$55,000 |
|
Tesla |
Tesla Model Y Performance - 5 seat variant (2-rows) |
2022-2023 |
$55,000 |
|
Volkswagen |
ID.4 |
$55,000 |
2023 |
|
Volkswagen |
Pro |
2023 |
$55,000 |
|
Volkswagen |
ID.4 Pro S |
2023 |
$55,000 |
|
Volkswagen |
ID.4 S |
2023 |
$55,000 |
|
Volkswagen |
ID.4 AWD Pro |
2023 |
$80,000 |
|
Volkswagen |
ID.4 AWD Pro S |
2023 |
$80,000 |
|
Volvo |
S60 T8 Recharge (Extended Range) |
2023 |
$55,000 |
|
Volvo |
S60 Extended Range |
2023 |
$55,000 |
|
Volvo |
S60 |
2023 |
$55,000 |
To qualify for the EV Tax Credit, vehicles have to undergo final assembly and inspection in the US, as well as a few other requirements.
While most manufacturers are working to meet this requirement by opening and adapting facilities (or, in Tesla’s case, by significantly reducing prices), many don’t yet qualify.
The following companies have registered with the IRS as qualified manufacturers but have not submitted a list of vehicles that meet the new requirements.
