Yes, the purchase tax credit can be claimed for vehicles purchased before 2023. For vehicles acquired before January 1, 2023, buyers of new, qualified plug-in electric vehicles (EVs) or fuel cell vehicles may be eligible for a federal income tax credit of up to $7,500. However, certain conditions and caps applied to vehicles purchased before 2023, such as sales caps for some manufacturers.
For purchases made in 2022 or before, you may still qualify if the vehicle was a new, qualified plug-in EV. If you signed a binding contract to purchase a vehicle between December 31, 2021, and August 16, 2022, but took delivery on or after August 16, 2022, you could elect to claim the credit under the prior rules by filing it on your 2022 tax return.
It’s important to review the specific rules for your purchase date to ensure eligibility for the tax credit.
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