What EVs are eligible for tax credit in 2024? See the list.
Looking to buy an electric car this year? You may be eligible for up to $7,500 in tax credits.
While it’s easier than ever to access that discount now that customers no longer have to fill out tax paperwork to claim the credit, shoppers will find fewer cars that qualify in the wake of the Biden Administration’s new rules on battery components and minerals.
Just 19 different electric vehicle and plug-in hybrid variations qualify for tax credits in 2024, down from 43 last year. See below for the full list, including all the model variations and their MSRP limits to qualify.
What cars qualify for the $7,500 tax credit in 2024?
- 2022-2023 Chevrolet Bolt EUV with an MSRP limit of $55,000
- 2022-2023 Chevrolet Bolt EV with an MSRP limit of $55,000
- 2022-2024 Chrysler Pacifica PHEV with an MSRP of $80,000
- 2022-2024 Ford F-150 Lightning (Extended Range Battery) with an MSRP limit of $80,000
- 2022-2024 Ford F-150 Lightning (Standard Range Battery) with an MSRP limit of $80,000
- 2023-2024 Tesla Model 3 Performance with an MSRP limit of $55,000
- 2023-2024 Tesla Model X Long Range with an MSRP limit of $80,000
- 2023-2024 Tesla Model Y All-Wheel Drive with an MSRP limit of $80,000
- 2023-2024 Tesla Model Y Performance with an MSRP limit of $80,000
- 2024 Tesla Model Y Rear-Wheel Drive with an MSRP limit of $80,000
The list may expand as automakers update their supply chains to comply with the Biden Administration’s sourcing requirements.
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Which cars qualify for a partial, $3,750 tax credit in 2024?
- 2022-2024 Ford Escape Plug-in Hybrid with an MSRP limit of $80,000
- 2022-2024 Jeep Grand Cherokee PHEV 4xe with an MSRP limit of $80,000
- 2022-2024 Jeep Wrangler PHEV 4xe with an MSRP limit of $80,000
- 2022-2024 Lincoln Corsair Grand Touring with an MSRP limit of $80,000
- 2023-2024 Rivian R1S Dual Large with an MSRP limit of $80,000
- 2023-2024 Rivian R1S Quad Large with an MSRP limit of $80,000
- 2023-2024 Rivian R1T Dual Large with an MSRP limit of $80,000
- 2023-2024 Rivian R1T Dual Max with an MSRP limit of $80,000
- 2023-2024 Rivian R1T Quad Large with an MSRP limit of $80,000
Which EVs no longer qualify for the tax credit?
Some of the models that no longer qualify for the partial or full tax credit in the new year include other versions of the Tesla Model 3, the Volkswagen ID.4, the Nissan Leaf, the Ford Mustang Mach-E, and Chevrolet’s Blazer, Equinox and Silverado.
How do electric cars qualify for tax credits?
Eligible cars must be assembled in North America and cannot contain battery components manufactured or assembled by “foreign entities of concern,” including China.
Then, there are two sourcing qualifications that must be met, each of which are worth $3,750 in tax credits:
- At least 60% of the car’s battery components must be manufactured or assembled in North America.
- At least 50% of the critical minerals in the battery must be extracted or processed in the U.S. or a country that has a free trade agreement with the U.S., or be recycled in North America.
This article was originally published by a www.usatoday.com . Read the Original article here. .