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New limits for the electric vehicle (EV) tax credit in the United States have gone into effect, dramatically reducing the number of qualified alternatives in 2024. Tesla is one of many automakers whose vehicles were removed at the start of the new year, and only a few remain across the industry.
These Electric Vehicles Are Still Eligible For $7,500 Tax Credit in 2024
Despite the fact that the list of qualifying EVs is shrinking, the 2024 guidance allows vendors to provide the rebate at the point of sale, rather than forcing purchasers to wait until they file their taxes, according to Teslarati.
A few dealerships have agreed to provide this incentive to their automakers, while companies with a direct sales model, such as Tesla and Rivian, will be able to provide the refund immediately.
The IRS provides a $7,500 tax credit for select EVs, including both battery-electric vehicles (BEVs) and plug-in hybrid electric cars (PHEVs), as well as a $3,750 credit for plug-in hybrid electric vehicles (PHEVs).
Surprisingly, one PHEV is still qualified for the full tax credit, while others are only eligible for a lesser credit. Only five BEVs are still qualified for the full $7,500, while some are available in multiple configurations.
The tax credit also has MSRP limits, with vans, SUVs, and pickups having a maximum of $80,000 and other EVs having a maximum of $55,000. Buyers must also have an AGI of less than $300,000 for married couples filing jointly, $225,000 for heads of households, or $150,000 for all other filers.
You can see the full list of BEVs and PHEVs that are eligible for the federal tax credit below.
BEVS THAT QUALIFY FOR THE $7,500 TAX CREDIT BY BRAND
CHEVY
- Bolt EUV
- Bolt EV
FORD
- F-150 Lightning Standard Range
- F-150 Lightning Extended Range
TESLA
- Model 3 Performance
- Model Y Rear Wheel Drive
- Model Y All Wheel Drive
- Model Y Performance
- Model X Long Range
BEVS THAT QUALIFY FOR THE $3,750 TAX CREDIT BY BRAND
RIVIAN
- R1S Dual-Motor Large
- R1S Quad-Motor Large
- R1T Dual-Motor Large
- R1T Dual-Motor Max
- R1T Quad-Motor Large
PHEVS THAT QUALIFY FOR THE $7,500 TAX CREDIT BY BRAND
CHRYSLER
- Pacifica PHEV
PHEVS THAT QUALIFY FOR THE $3,750 TAX CREDIT BY BRAND
FORD
- Escape PHEV
JEEP
- Grand Cherokee PHEV 4xe
- Wrangler PHEV 4xe
LINCOLN
- Corsair Grand Touring PHEV
Simply filter the "Placed in Service" dropdown menu by this year to access the IRS web page describing the new requirements. The IRS also provides a fact sheet with frequently asked questions about the new guidance.
Photo: Charlie Deets/Unsplash
