While there is a federal tax credit for used electric vehicles (EVs), state-specific credits for used EVs vary. Here’s a general overview:
Federal Credit
- Eligibility: Purchases of qualified used electric vehicles (EVs) or fuel cell vehicles (FCVs) from a licensed dealer for $25,000 or less may qualify for a credit of up to $4,000, which is 30% of the sale price.
- Income Limits: Your modified adjusted gross income (AGI) must not exceed $75,000 for individuals, $112,500 for heads of households, or $150,000 for joint filers.
State-Specific Credits
- Varies by State: Some states offer additional incentives for EV purchases, but these may not be specifically limited to used vehicles or may not exist at all for used vehicles. For instance, states like California offer rebates for new and used EVs through the Clean Vehicle Rebate Project, but the specifics can change and may not apply uniformly to used vehicles.
- Examples:
- California: Offers rebates for EV purchases through the Clean Vehicle Rebate Project, but the details and eligibility criteria can vary.
- Other States: Many states offer incentives, but they often focus on new EVs. Local governments might provide additional benefits.
General Note: While there are federal and some state incentives for new EVs, specific state credits for used EVs may be less common or might not be as widely recognized. Always check with your state’s local government or automotive authority for the most current information on incentives for used electric vehicles.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/are-there-any-state-specific-ev-tax-credits-for-used-vehicles/
