Vehicles that qualify for the purchase tax credit in 2023 and later include new, qualified plug-in electric vehicles (EVs) and fuel cell electric vehicles (FCEVs). These vehicles are eligible for a tax credit of up to $7,500, provided they meet certain criteria such as the MSRP being below specific caps. For EVs, for example, the MSRP must be below $80,000 for vans, trucks, and SUVs, and below $55,000 for cars to qualify for the full credit.
Eligible Vehicles
As of the latest information, some of the vehicles that qualify for the credit include:
- 2025 Acura ZDX EV
- 2025 Cadillac Lyriq and Cadillac Optiq
- 2023-2025 Ford F-150 Lightning EV (up to $80,000 MSRP)
- 2024-2025 Honda Prologue EV (up to $80,000 MSRP)
- 2025 Tesla Model Y (all variants of the Model Y are eligible)
- 2025 Tesla Model X (base model, not the high-performance Plaid version).
Requirements for the Tax Credit
To qualify, vehicles must meet several requirements:
- The vehicle must be new.
- It must be a qualifying plug-in electric or fuel cell vehicle.
- The vehicle’s battery components must be produced or assembled in North America to qualify for the first $3,750.
- Critical minerals used in the battery must be extracted or processed in the U.S. or in a country that is a U.S. free trade agreement partner for the second $3,750.
These requirements and eligibility can change, so it’s advisable to verify the information with the latest IRS or EPA updates.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/what-types-of-vehicles-qualify-for-the-purchase-tax-credit/
