Do I qualify for the electric vehicle tax credit?

Question: Do I qualify for the electric vehicle tax credit?

Answer: As of August 16, 2022, owners of electric vehicles have increased requirements and restrictions on claiming the electric vehicle tax credit. Qualifying vehicles now require final assembly in North America. SUVs and trucks can’t exceed $80,000 and sedans can’t exceed $55,000. The owner’s income can’t exceed $150,000 for single adults, $225,000 if head of house, and $300,000 if married. New vehicles are eligible for up to $7,500. First-time owners purchasing an electric vehicle or hybrid can claim up to $4,000 in tax credits, as long as the credit amount doesn’t exceed 30% of the vehicle sales price.

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