Electric Vehicle Tax Credit Flashcards
(9 cards)
What types of vehicles qualify for the EV Tax Credit?
EVs and PHEVs
What is an EV?
EVs are a class of vehicles that use an electric motor for propulsion and can charge in any wall outlet at 120 volts, an available 240-volt home charging option, or at public EV charging stations.
What is a PHEV?
PHEVs can operate using a gasoline engine, an electric motor, or a battery that can be charged in any wall outlet at 120 volts, an available 240-volt home charging option, or at public EV charging stations.
What is the Inflation Reduction Act?
The Inflation Reduction Act is a new law that offers a tax credit to consumers and businesses who purchase EVs and PHEVs.
What are the vehicle requirements for the EV Tax Credit?
Final Assembly in North America, Vehicles purchased and delivered on or after January 1, 2023.
Note: All Ford and Lincoln PHEVs and EVs meet the North American final assembly requirement.
Which vehicles do NOT meet the North American final assembly requirements?
All Ford and Lincoln PHEVs and EVs meet the North American final assembly requirement.
What are the additional requirements for the EV Tax Credit?
The customer’s modified adjusted gross income (AGI) may not exceed certain limits. (Income limits - $150,000 for individuals, $225,000 for heads of household, $300,000 for joint filers)
The MSRP limit is $80,000 or less for Mach-E, F-150 Lightning, E-Transit, Escape PHEV, Corsair PHEV, and Aviator PHEV (qualified vehicles and manufacturers).
What happens if a customer was previously ineligible for the tax credit but are now eligible?
Customers who did not receive a Seller’s Report from the dealer because their vehicle was previously ineligible under the previous MSRP limits, but is now eligible under the new limits, may request and receive a Seller’s Report from the dealer after the vehicle’s purchase date.
