Happy New Year! This week, we have news on Tesla Sales, Rivian Sales, and EV Taxes Credits: Our Top EV News for the week of Jan 6, 2023.
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Don’t you enjoy talking about taxes this time of year? How about potentially reducing your taxes for purchasing a used EV? Starting on January 1, 2023, if you buy a qualified used EV or FCV for $25,000 or less from a licensed dealer, you may be eligible for a used clean vehicle tax credit. The credit is equal to 30% of the sale price, up to a maximum of $4,000, and is non-refundable.
To be eligible, you must be an individual who bought the vehicle for personal use and not resale, not the original owner, not be claimed as a dependent on someone else’s tax return, and not have claimed another used clean vehicle credit in the three years prior to the purchase. Your modified adjusted gross income must also be below certain thresholds based on your filing status.
In addition, the vehicle must have a model year at least two years prior to the year of purchase, have a gross vehicle weight rating of fewer than 14,000 pounds, have a battery capacity of at least 7 kilowatt hours, and be primarily used in the United States. To claim the credit, you must complete Form 8936 and include the VIN.
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