Tesla and GM have not qualified for EV Tax Credits for more than 2 years now. After the passage of the Inflation Reduction Act of 2022, Tesla, GM and many other EV’s are now qualified for up to $7,500 in new EV Tax Credits.
When the Inflation Reduction Act of 2022 was passed on August 16th, starting the next day, to qualify for the $7,500 EV Tax Credit, a vehicle would have to maintain the previous requirements as well as be assembled in North America. This was effective through December 31, 2022.
On January 1st, 2023, in addition to being assembled in North America, the 200k vehicle sales cap was removed, MSRP caps and Income caps were introduced. For Trucks, Vans and SUV’s, MSRP could not exceed $80k. For all other EV’s, the MSRP cap was $55k. The income limitations are $150k for Individuals and $300k for joint filers. These requirements as well as the old battery rules were in place until April 17, 2023.
Starting April 18th, 2023, we have our final guidance from the Secretary regarding Battery Critical Minerals and Battery Component sourcing requirements. With this new guidance, we have a final list of qualified EV’s and this list will be updated over time as manufacturers make more vehicles that are qualified. In addition, every year the critical mineral and battery component requirements will increase by 10%/year, meaning there is also a chance of some vehicles falling off the list every year.
There are 17 vehicles (not including various trims), that qualify for EV Tax Credits of $3,750 or $7,500. Chevy has made a strong presence with not only qualifying for the full $7,500 on their vehicles, but they are the number 1, 2, 3, 4, and 6 cheapest EVs on the market today, assuming you qualify for the full tax credit.
Over at Tesla, the great news is that all Tesla Model Y and Model 3 vehicles will qualify for some or all of the tax credits. All trims of the Tesla Model Y, when configured under $80k, will qualify for the entire $7,500 tax credit. The Tesla Model 3 LR and Model 3 Performance will also qualify for the full $7,500 with an MSRP cap of $55k. The Tesla Model 3 Standard Range is the only trim of the Model 3 and Model Y lineup that does not qualify for the full credit and gets half at $3,750 with that same $55k MSRP cap.
So, assuming your income qualifies, and the vehicle you purchase qualifies, and you have enough tax liability, there are some fantastic deals to be had for EV’s. As more cars come into production, the landscape is likely to continue to change, and manufacturers will be pressured to keep costs down in order to maintain EV Tax Credit eligibility.
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