EV Tax Credit
Take Advantage of EV Tax Credits Before They End
Going green is the next "big thing," but you don't have to be an environmentalist to enjoy electric vehicles (EVs). Models like the Ford Mustang Mach-E and Ford F-150 Lightning have instantaneous acceleration, quiet engines, and lengthy ranges. They also have fewer moving parts with less friction, so they need less maintenance than gas-powered vehicles. Best of all, you can get a tax credit of up to $7,500 for driving an electric vehicle. This credit can be applied toward the vehicle price at the time of sale. However, you better act fast because the tax credit ends on September 30.
Frequently Asked Questions
An EV tax credit is a federal incentive created to encourage people to buy EVs. People who meet the income requirements -and who buy a qualifying vehicle that satisfies the price, battery, and assembly restrictions - may be eligible to receive up to $7,500 from the federal government in the form of an EV tax credit.
Eligible buyers can get a tax credit of up to $7,500 with the purchase of an electric vehicle. Used EVs and plug-in hybrid models may only qualify for a credit of 30% of the vehicle's price or $4,000 – whichever amount is lower.
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You may transfer the credit to the dealership at the time of purchase or claim it on your next income tax return. Be sure to get a report detailing the sale and vehicle specs if you plan to file the information in your tax returns. If you transfer the credit, you must provide a valid ID and confirm your eligibility at the time of purchase.
If you're claiming it on your tax return, get a report from the seller with the buyer/seller names, sale date, price, VIN, and battery details.
If you're transferring the credit to the dealer, provide identifying information – such as your social security number and photo ID at time of sale.
Federal EV Tax Credit income limits:
- New EVs: $150,000 (single), $225,000 (head of household), $300,000 (joint filers)
- Used EVs: $75,000 (single), $112,500 (head of household), $150,000 (joint)
- No income limits for commercial use EVs
Ineligible Vehicles:
- Sedans over $55,000 MSRP
- SUVs, vans, trucks over $80,000 MSRP
Used EVs must:
- Be at least 2 model years older than current year
- Be sold by a dealership
- Be the first qualifying resale after 8/16/2022
- Be priced under $25,000
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- New vs. used vehicle
- Assembly and battery sourcing compliance
- Commercial use status
- Income eligibility
- Vehicle MSRP
Why Buy a New EV from Hubler Ford Franklin?
At Hubler Ford Franklin, we have a wide array of new and used electrified vehicles, and our well-informed team can help you choose the best EV for your lifestyle and needs. We'll also assist you with all the necessary paperwork to ensure you get your full EV tax credit. Visit us today and test drive a new or used electric or plug-in hybrid vehicle.
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Hubler Ford Franklin
2140 N Morton St
Franklin, IN 46131
- Sales: (317) 736-5185
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