What Electric Vehicles Qualify for Tax Credit?
At Thornhill Toyota, we’re committed to helping our customers make informed decisions regarding electric vehicles (EVs). A question about EV ownership that many people are wondering revolves around the tax credit available. So, which electric cars qualify for tax credits?
Today, we’ll provide some essential information about how an EV qualifies for a tax credit, what makes a sale valid, and how to get started with an EV near Chapmanville, Hart, or Anchor, West Virginia. Let's dive into the details!
Electric vehicles come in all shapes and sizes. Manufacturers release new electrified options yearly, with sedans, trucks, and SUVs all joining the mix. With this many options available in different electric battery capacities, it’s essential to know the baseline of what makes a vehicle valid for the tax credit.
To determine if an electric vehicle qualifies, it's crucial to understand the criteria for the clean vehicle tax credit set by the IRS (Internal Revenue Service). According to IRS guidelines, eligible EVs need to have the following:
- Battery Capacity: The vehicle must have a battery with at least 7 kilowatt-hours capacity.
- Manufacturer Certification: The manufacturer must be qualified, and the final assembly must have been completed in North America.
- Vehicle Weight. The EV model must weigh 14,000 pounds or less to qualify for the tax credit program.
If the electric vehicle you’re interested in follows criteria like these, you can be confident that you can quickly pursue the credit program.
However, the condition of the EV is one part; it’s also critical to consider the sale itself.
Electric vehicles qualify for tax credits when they’re purchased through the correct means.
The EV must be a new vehicle to be eligible for the tax credit; used or even certified pre-owned models are beyond the tax credit scope. However, if you’ve already purchased a new vehicle and did not apply, you may still have a chance to pursue the credit.
The seller must report the sale to the IRS when purchasing a new EV. That’s where working with a trusted dealer like ours comes in handy. We’ll take care of submitting the correct information. Come tax season, all you’ll have to do is prove your purchase with your VIN (vehicle identification number).
Now that you know the criteria for a clean vehicle tax credit, you might wonder where to shop for the EV that fits your tastes.
Have fun exploring the Toyota inventory for models you can get a clean vehicle credit for, such as the bZ4X, built with a long-lasting range and some incredible features you can show off around town.
Our team is on hand to answer any questions about upcoming electric vehicles so you can find your ideal fit—with the clean vehicle tax credit to go with it.
Understanding which electric vehicles qualify for tax credits is the first step of your EV journey. Now that you know more about tax incentives you can enjoy near Chapmanville, Hart, and Anchor, WV, contact our team at Thornhill Toyota to find your next EV!