Yes, the tax credit can be applied to used electric vehicles. Specifically, the Used Clean Vehicle Credit allows buyers to receive a tax credit of up to $4,000 for qualified used electric vehicles or fuel cell vehicles purchased from a licensed dealer for $25,000 or less. This credit is calculated as 30% of the sale price, capped at $4,000.
To qualify for this credit, buyers must:
- Be individuals purchasing for use, not resale.
- Not be the original owner.
- Not be claimed as a dependent.
- Not have claimed another used clean vehicle credit in the past three years.
- Have a modified adjusted gross income (AGI) within specific limits: $150,000 for married filing jointly, $112,500 for heads of households, and $75,000 for other filers.
Purchases made before January 1, 2023, do not qualify for this credit. The credit is non-refundable and cannot be carried over to future tax years.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/can-the-tax-credit-be-applied-to-used-electric-vehicles-as-well/
