New rules may make it easier to knock up to $7,500 off the price off an EV—here's how to qualify

The U.S. Department of the Treasury is making it easier to claim an electric vehicle tax credit worth up to $7,500 starting in 2024,

The other significant change is that all eligible buyers get the full tax break, even if they don't owe federal taxes. Currently, tax filers receive only as much of the credit as they owe in taxes. In some cases, you might be eligible for a partial credit based on the type of car you buy and where it's made.Total annual adjusted gross income can't exceed $300,000 for married couples, $225,000 for heads of household or $150,000 for single tax filers.The vehicle retail price cannot exceed $80,000 for vans, sport utility vehicles and pickup trucks, or $55,000 for all other vehicles.

Annual adjusted gross income can't exceed $150,000 for married couples, $125,000 for heads of household or $75,000 for single tax filers.

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New rules may make it easier to knock up to $7,500 off the price off an EV—here's how to qualifyQualifying for the $7,500 federal tax credit for electric vehicles will be easier, based on newly proposed rules effective as of 2024.
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New rules may make it easier to knock up to $7,500 off the price off an EV—here's how to qualifyQualifying for the $7,500 federal tax credit for electric vehicles will be easier, based on newly proposed rules effective as of 2024.
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