Federal Tax Credit for New Electric Vehicles (Income Qualified)

Eligible electric, plug-in hybrid and fuel cell electric vehicles purchased new in 2023 or after may be eligible for a federal income tax credit of up to $7,500. The availability of the credit will depend on several factors, including the vehicle's MSRP, its final assembly location, battery component and/or critical minerals sourcing, and your modified adjusted gross income (AGI). Visit the U.S. Department of of Treasury website for more information on requirements and eligibility.