Yes, there are income limits for buyers who want to receive the Electric Vehicle (EV) tax credit. The eligibility for the Clean Vehicle Credit is determined by the taxpayer’s Modified Adjusted Gross Income (MAGI). The limits are as follows:
- Married Couples Filing Jointly: Modified AGI over $300,000 makes you ineligible for the credit.
- Head of Household: Modified AGI over $225,000 makes you ineligible.
- All Other Filers (including single filers and those filing as married filing separately): Modified AGI over $150,000 makes you ineligible for the credit.
These limits apply to both current and prior-year MAGI, allowing taxpayers to use the lesser of the two values for eligibility determination.
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