Under the Inflation Reduction Act, an eligible taxpayer can claim a tax credit of up to $7,500 for a new “clean vehicle.” There’s also a credit of up to $4,000 for a used clean vehicle. These are qualified plug-in electric vehicles and fuel cell vehicles. A vehicle must meet certain requirements, and there are income and price limitations to qualify. For example, for a new vehicle, the manufacturer suggested retail price can’t exceed $80,000 for vans, SUVs and pickup trucks or $55,000 for other vehicles. The IRS just updated a fact sheet related to the eligibility rules for the tax credit. To read it: https://bit.ly/4bYRCcc
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