For vehicles to be eligible for the electric vehicle (EV) tax credit, they must adhere to certain price caps based on their type. These price caps apply to the manufacturer’s suggested retail price (MSRP) and exclude additional costs like destination fees, taxes, and dealer-added options. Here are the price caps for different types of vehicles:
- New Sedans and Passenger Cars: The MSRP cannot exceed $55,000.
- New SUVS, Vans, and Pickup Trucks: The MSRP limit is $80,000.
- Used Vehicles: There is no specific price cap by vehicle type, but the general cap is $25,000.
These caps have been in effect since January 1, 2023.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/what-are-the-price-caps-for-vehicles-eligible-for-the-tax-credit/
