To qualify for the federal used electric vehicle tax credit, your modified adjusted gross income (AGI) must not exceed the following thresholds:
- $150,000 for married filing jointly or a surviving spouse.
- $112,500 for heads of households.
- $75,000 for all other filers.
Additionally, you can choose to use your AGI from either the year you take delivery of the vehicle or the year before, whichever is lower. Other eligibility requirements include:
- Being an individual purchasing the vehicle for personal use (not for resale).
- Not being the original owner.
- Not being claimed as a dependent on another person’s tax return.
- Not having claimed another used clean vehicle credit in the three years before the purchase date.
The tax credit itself is up to $4,000 or 30% of the sale price, whichever is lower, provided the vehicle’s sale price does not exceed $25,000.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/what-are-the-income-qualifications-for-used-electric-vehicle-incentives/
