Electric Vehicle Tax Credit: IRA 2022 & IRC 30D
Many new electric vehicles qualify for tax credits revised as part of the Inflation Reduction Act (IRA 2022) recently signed into law by the President. This credit for newly purchased EVs & PHEVs has been renamed “Clean Vehicle Credit” and has changed in several ways.
Currently, the IRS has Issued a description of the requirements for clean vehicle credits (IRC 30D), and the U.S. Department of Energy published the list of the vehicle covered. For a vehicle to be eligible for credit (and still be worth up to $7,500), final assembly of the vehicle must typically occur in North America.
Additional provisions will be introduced after January 1, 2023, with “further guidance” to be announced later, according to the Department of Energy.
Below is a list of the 2022 and 2023 models eligible for the credit. Please note that some vehicles assembled in North America have reached the 200,000 EV credits used cap. This means that they are currently ineligible for clean vehicle credit.
2022 Jim Butler EV Models
- Chevrolet Bolt EUV (manufacturer’s sales limit achieved)
- Chevrolet Bolt EV (manufacturer’s sales limit achieved)
- Chrysler Pacifica PHEV
- Ford Escape PHEV
- Ford F-series
- Ford Mustang Mach E
- Ford transit van
- Jeep Grand Cherokee PHEV
- Jeep Wrangler PHEV
- Lincoln Aviator PHEV
2023 Jim Butler EV Models
- Chevrolet Bolt EV (manufacturer’s sales limit achieved)
