The buyer must meet certain income limitations.
The final assembly of a new clean vehicle must occur within North America.
The vehicle can’t exceed a manufacturer suggested retail price of:
$80,000 for vans, sport utility vehicles and pickup trucks
$55,000 for other vehicles
The purchase of a new clean vehicle between 2009 and 2022 may also qualify for a tax credit.
The IRA also added a credit for used clean vehicles, which can equal 30% percent of the sale price up to a maximum credit of $4,000. However, this recent credit doesn’t apply to used clean vehicles purchased before 2023.
These credits are nonrefundable, so taxpayers can't get back more on the credit than what they owe in taxes. Plus, the taxpayer can't apply any excess credit to future tax years.
Manufacturers and Models of Qualified Used Clean Vehicles: https://shorturl.at/buJTU