Yes, there are income limits for claiming the electric vehicle (EV) tax credit in the United States. These limits are based on your modified adjusted gross income (MAGI), which is typically your adjusted gross income (AGI) with certain adjustments. The income limits for the credit are as follows:
- Single Filers: Your MAGI cannot exceed $150,000.
- Married Filing Jointly: Your MAGI cannot exceed $300,000.
- Head of Household: Your MAGI cannot exceed $225,000.
- All Other Filers: This typically includes those married filing separately, and their MAGI cannot exceed $150,000.
To qualify, you must meet these income limits in the year you take delivery of the vehicle or the year before, using the lesser of the two MAGI amounts. Additionally, new vehicles must meet specific price caps and assembly requirements in North America.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/are-there-any-income-limits-for-claiming-the-purchase-tax-credit/
