To verify if a vehicle qualifies for the Clean Vehicle Credit, you need to check several criteria related to the vehicle and your personal tax situation:
1. Vehicle Eligibility
- The vehicle must be a new electric vehicle (EV), plug-in hybrid electric vehicle (PHEV), or fuel cell vehicle purchased in 2023 or later.
- It must have a battery capacity of at least 7 kilowatt-hours.
- The vehicle must weigh less than 14,000 pounds.
- The Manufacturer’s Suggested Retail Price (MSRP) must be $80,000 or less if it’s a pickup truck, van, or SUV; for other passenger vehicles, the MSRP must be $55,000 or less.
- The vehicle must have been assembled in North America.
- Starting in 2024, the vehicle’s battery components cannot be manufactured or assembled by certain foreign entities of concern.
- Starting in 2025, the battery’s critical minerals cannot come from those foreign entities of concern.
- The vehicle must be for your own use, not for resale, and primarily used in the U.S.
2. Taxpayer Income Limits
- Your modified adjusted gross income (MAGI) for the current or prior year must not exceed:
- $300,000 for joint filers or surviving spouses
- $225,000 for head of household filers
- $150,000 for all other filers
3. Additional Requirements
- The credit amount can be up to $7,500, split into two parts of $3,750 each for meeting critical minerals and battery components requirements.
- Only one vehicle can be claimed per year.
- You must include the vehicle’s VIN (Vehicle Identification Number) on your federal income tax return.
- You can confirm a specific vehicle’s eligibility and assembly location by entering the make, model, and year on official websites such as FuelEconomy.gov or the Department of Energy’s vehicle eligibility tools.
How to Verify
- Check your income against the MAGI limits.
- Confirm the vehicle’s type, MSRP, and assembly location.
- Verify the battery capacity and compliance with battery component and critical mineral sourcing rules.
- Use official government resources like FuelEconomy.gov or the IRS website to look up vehicle eligibility by VIN.
- Consult your vehicle dealer for the VIN and other compliance information.
By following these steps, you can determine if a vehicle qualifies for the Clean Vehicle Credit and estimate the credit amount you may be eligible to claim.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/how-do-i-verify-if-the-vehicle-qualifies-for-the-clean-vehicle-credit/
