Buying a new plug-in electric vehicle or fuel cell vehicle in 2023 or after may qualify you for a clean vehicle tax credit of up to 7,500 dollars. The total amount of the credit is based on the vehicle's battery capacity and battery components, and the critical minerals used in the battery. This credit is available to individuals and businesses. The vehicle must be for you or your business's own use and mainly used in the United States. There are also some income limitations. Some of the qualifications for the vehicle include: A battery capacity of at least 7 kilowatt hours and a gross vehicle weight rating of less than 14,000 pounds. The vehicle must be made by a qualified manufacturer, with final assembly occurring in North America. And the seller must report the sale – with the buyer's Taxpayer Identification Number – to the IRS. Also, the vehicle's manufacturer suggested retail price – or MSRP – can't exceed: 80,000 dollars for vans, sport utility vehicles, and pickup trucks, or 55,000 dollars for other vehicles. Learn more about this clean vehicle tax credit and which electric vehicles qualify by visiting IRS.gov/cleanvehicles
