Used Electric Vehicle Tax Credit 2023

Yes there is a credit for Used Car Purchases under the new law.

1. 30 % of Sale Price not to exceed $4000

2. Purchased from a licensed dealer cannot exceed $25,000.

3. Cannot be in excess of Taxes due. No rebate issued if tax due is less and any overage cannot be applied to future tax years.

4. Vehicle must be at least 2 calendar years old.

5. Cannot be the original owner.

6. Must be for personal use and not resale.

7. GVWR must be less than 14000 lbs.

8. Modified Adjusted Gross Income cannot exceed 150,000 Married Filing jointly. 112,500 Filing Head of Household. 75,000 for all others.

9. Must be FCV or Plug - In Hybrid with a battery capacity of at least 7 kilowatt hours.

10. https://www.irs.gov/credits-deductions/manufacturers-and-models-of-qualified-used-clean-vehicles IRS to find eligible vehicles.