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Understanding the New Clean Vehicle Credit

Written by Riley Adams, CPA • Reviewed by a TurboTax CPAUpdated for Tax Year 2024 • October 16, 2024 1:41 AM
OVERVIEW

The electric vehicle tax credit, now called the clean vehicle credit, was recently expanded and modified. Learn about the new rules and restrictions to qualify.

 

Woman standing at EV charging station

Key Takeaways

  • The federal EV tax credit, worth up to $7,500, is a nonrefundable tax credit that has been an effective way to lower the cost of EV ownership for taxpayers.
  • The Inflation Reduction Act of 2022 changed this tax credit by extending its life through 2032 and expanding it to cover more vehicles.
  • The new clean vehicle credit also covers pre-owned clean vehicles starting in 2023.
  • Beginning in 2024, you can opt for transferring the clean vehicle credit directly to an automotive dealer instead of waiting to claim it on your tax return the next year.

What brought about the clean vehicle credit?

The trajectory of climate change was in the crosshairs of the Inflation Reduction Act of 2022, with the US government aiming to lessen the impact seen on the environment. One major culprit of greenhouse gas emissions comes from the transportation sector, gasoline-powered automobile transportation in particular. As a way to lure taxpayers away from internal combustion gas vehicles, the tax code offered a generous incentive to car buyers interested in purchasing an electric vehicle for the first time. The previous credit had a limit on the number of electric vehicles a vehicle manufacturer could sell and was worth $7,500. The rules have changed, and we’ve got what you need to know about the new clean vehicle tax credit.

What is the electric vehicle tax credit?

The electric vehicle tax credit, also known as the EV tax credit, is a nonrefundable credit meant to lower the cost of qualifying plug-in electric or other “clean” vehicles. The credit is worth between $2,500 and $7,500 for the 2022 tax year and eligibility for claiming the credit depends on the number of electric vehicles sold by the manufacturer, the vehicle’s weight, and if you own the car. The only change made to the credit for tax year 2022 is a new North American final assembly requirement, effective August 17, 2022.

The newly modified credit, now called the clean vehicle credit, has new rules for claiming the credit based on assembly location, income thresholds, and expanded eligibility for the vehicles covered by the credit. These new rules largely take effect in 2023 and last until 2032.

Beginning with tax year 2023, in addition to a new North America final assembly requirement, the former $7,500 credit is broken into two new credits worth up to $3,750 each for qualifying buyers of new all-electric cars, fuel cell vehicles and hybrid plug-ins. One of the new $3,750 credits is available for meeting the critical minerals requirement and the other for purchasing a qualifying vehicle that meets the battery component requirement.

The credit ends December 31, 2032.

How does the clean vehicle credit work?

The clean vehicle tax credit has a number of stipulations you’ll need to meet to qualify for claiming the two-part credit on a fully electric or plug-in-hybrid electric vehicle placed in service after April 17, 2023.

To be considered a qualified clean vehicle, it needs to meet these criteria:

  • Have a battery storage capacity of 7 kilowatt-hours (kWh) or more.
  • Weigh less than 14,000 pounds in gross vehicle weight.
  • Be produced by a qualified manufacturer (fuel-cell vehicles excluded).
  • Undergo final assembly in North America.
  • Have 50% or more of the value of the battery components manufactured or assembled in North America (required for one of the $3,750 credits).
  • Have 40% or more of the value of the minerals contained in its battery mined or processed in countries with which the US has a free trade agreement, or recycled in North America to receive the remaining $3,750 credit.
  • Have a manufacturer suggested retail price that doesn't exceed $80,000 for SUVs, pickups, and vans or $55,000 for other vehicles.

To claim the tax credit, you’ll need to meet the following requirements:

  • You have to purchase a new car that meets the above criteria for being a qualified clean vehicle. It can’t be leased or purchased used (a lesser amount is available for previously-owned vehicles under a different credit called the used clean vehicle credit).
  • You can’t purchase the clean vehicle for resale, meaning you can’t act solely as a middleman when making the purchase of a clean vehicle to claim the tax credit.
  • Meet certain income requirements detailed below
  • Use the qualifying vehicle primarily in the United States
  • The seller or dealer is required to report to both you and the IRS certain information about the vehicle you purchase including:
    • seller/dealer name and taxpayer ID number
    • buyer's name and taxpayer ID number
    • maximum credit allowable under IRC 30D for new vehicles or IRC 25E for previously owned vehicles
    • vehicle identification number (VIN), unless the vehicle is not assigned one
    • battery capacity
    • date of sale
    • sale price
    • for new vehicles, verification that the buyer is the original user

What did the Inflation Reduction Act of 2022 change about the EV tax credit?

The Inflation Reduction Act significantly altered, extended, and renamed the EV tax credit. Depending on when you buy an EV or clean vehicle, you may encounter different rules for claiming the credit.

EV tax credit: Before August 17, 2022

Prior to the changes brought from the Inflation Reduction Act, the EV tax credit was worth $7,500 and could be claimed on cars that met certain battery capacity requirements and was phased out once a manufacturer sold 200,000 EVs.

EV tax credit: Between August 17, 2022 and December 31, 2022

After passage of the Inflation Reduction Act, any clean vehicle that was purchased from August 17, 2022, to December 31, 2022, needed to have their final assembly completed in North America to meet eligibility requirements.

The US Department of Energy has compiled a list of vehicles that likely qualified through December 31, 2022.

If you entered into a binding written contract to purchase an EV before August 17 that qualified for the previous EV tax credit rules and expect the car to be delivered at a later date, you’re generally still eligible to claim the credit without needing to meet the additional final North American assembly requirement.

Clean vehicle tax credit: After December 31, 2022

Below, we cover the new rules and requirements for claiming the clean vehicle tax credit.

Extended credit value

The value of the new clean vehicle tax credit has been extended through December 31, 2032, adding nine years of availability.

Income limitations

The clean vehicle tax credit now applies income limitations for eligibility based on your filing status and the lesser of your modified adjusted gross income (MAGI) for the year that the new clean vehicle was placed in service or for the preceding year:

  • Married Filing Jointly: Your MAGI can’t exceed $300,000
  • Head of Household: Your MAGI can’t exceed $225,000
  • Single or Married Filing Separately: Your MAGI can’t exceed $150,000

Clean vehicle price caps

The clean vehicle tax credit has price limitations tied to the Manufacturer’s Suggested Retail Price (MSRP) on new EVs as follows: vans, SUVs, and pickup trucks can’t exceed $80,000 while sedans and other vehicle types can’t exceed $55,000.

North American assembly requirements

Another new requirement for claiming the credit comes from needing to have the final assembly occur within North America. If you’d like to check your car’s final assembly details, you can reference the National Highway Traffic Safety Administration’s VIN database. (Note: This is also a condition for EVs purchased between August 17, 2022, and December 31, 2022.)

Two credits: New battery and sourcing requirements

The new clean vehicle tax credit is made up of two requirements that total to $7,500 ($3,750 each). The two requirements are as follows:

  1. Battery requirement: The new credit requires a portion of the car’s battery to be assembled or manufactured in North America under the following percentage thresholds by year:
  • 2023: 50%
  • 2024: 60%
  • 2025: 60%
  • 2026: 70%
  • 2027: 80%
  • 2028: 90%
  • 2029 through 2032: 100%

(Note: Rules around new battery and sourcing requirements are not yet finalized and await further guidance from the Treasury Department. Until guidance is issued and implemented, this requirement won’t be enforced when determining eligibility for claiming the clean vehicle tax credit.)

  1. Critical minerals requirement: In addition to the battery requirement, cars must also meet a stipulation called the "critical minerals requirement" to receive the remaining $3,750 portion of the credit. Much like the need for North American assembly or manufacturing for the battery requirement, this additional requirement maintains a certain percentage of critical minerals found in the car’s battery must be extracted or processed in the US or a country with whom it has a free-trade agreement by year as follows:
  • 2023: 40%
  • 2024: 50%
  • 2025: 60%
  • 2026: 70%
  • 2027 through 2032: 80%

To maintain further preference for domestic manufacturing, assembly, extraction and processing, the credit also disallows sourcing battery parts from a foreign entity of concern starting in 2024. Further, clean vehicles can’t contain critical minerals sources from foreign entities of concern starting in 2025 onward.

Transfer at point-of-sale

Beginning in 2024, you can claim the credit by transferring it to a dealer at the point-of-sale. By doing this, it directly reduces the qualifying vehicle’s purchase price. You won’t need to wait until you file your tax return to claim your credit, instead realizing a lower purchase price at the dealer. You will still pay any applicable sales taxes and licensing fees at the full non-credit-adjusted purchase price. Meaning, for example, if you bought a qualifying car for $35,000 but had the price lowered to $27,500 by claiming the credit at your dealer, your sales tax and licensing fees would relate to the $35,000 purchase price and not the $27,500 net amount you’d pay after claiming the credit.

One item worth noting here relates to the recapture of that transferred credit. You can’t circumvent the income limitations of the credit by transferring the credit at the point-of-sale, as it could result in paying back the credit. This credit, if transferred to the dealer, when you earn too much income to claim it yourself, would be recaptured and would require you to repay your tax liability accordingly. However, if you do not have sufficient tax liability to fully use the credit if it was included on your tax return, you are not obligated to pay it back. This can effectively make the credit partially or fully refundable for certain taxpayers.

Used clean vehicle credit

Used cars have become eligible for the new tax credits, under the used clean vehicle credit. While this is a lesser amount than the $7,500 credit available for new qualified vehicles, it's still a new credit that can make purchasing previously-owned clean vehicles more affordable for consumers. The new tax credit for pre-owned clean vehicles lasts for tax years 2023 through 2032. Qualified buyers can get a credit equal to the lesser of $4,000 or 30% of the sales price.

Other stipulations apply:

  1. model year must be at least two years earlier than the year you acquired the vehicles
  2. purchase price can't exceed $25,000
  3. vehicle identification number (VIN) must be reported on your tax return
  4. vehicle doesn’t need to be assembled in North America
  5. must acquire from a dealer licensed to engage in sale of vehicles
  6. can only be claimed on the first sale of the qualifying used vehicle after 12/31/2022 to a qualified buyer (this prevents continued sales of the used vehicle for purposes of claiming the credit)

Additionally, similar to the MAGI limitations on new vehicles based on the lesser of your MAGI for the year that the used clean vehicle was placed in service or for the preceding year as follows for your filing status:

  1. Married Filing Jointly: Can’t exceed $150,000
  2. Head of Household: Can’t exceed $112,500
  3. Single or Married Filing Separately: Can’t exceed $75,000

Local tax incentives

These are new rules for claiming the federal clean vehicle tax credit, but they don’t necessarily cover any state or local-incentives offered by your government, utility, or other programs. In some cases, you may have the opportunity to claim additional incentives to drive down the cost of clean vehicle ownership further through local programs, discounts, and tax incentives. Make sure you review all available information related to your location to see if you might qualify for other tax measures and price incentives.

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  • TurboTax Live - Expert Availability: TurboTax Live experts are available on nights and weekends for certain expanded hours during tax season (from January to April) and in the weeks leading up to tax extension deadlines. Outside of tax season, regular hours are Monday through Friday 5am to 5pm PT. Service, area of expertise, experience levels, and wait times vary, and are subject to restriction and change without notice. Unlimited access to TurboTax Live experts is included with all TurboTax Live products.

  • TurboTax Live Full Service - File your taxes as soon as today: TurboTax Full Service experts are available to prepare 2024 tax returns starting January 6, 2025. One-day preparation and filing availability depends on start time, the complexity of your return, is based on completion time for the majority of customers, and may vary based on expert availability. A tax preparation assistant will validate the customer's tax situation during the welcome call and review uploaded documents to assess readiness and ability to file same-day. All tax forms and documents must be ready and uploaded by the customer for the tax preparation assistant to refer the customer to an available expert for live tax preparation.

  • TurboTax Live Full Service - “Local”: For purposes of virtual meetings, “Local" experts are defined as being located within the same state as the consumer's zip code. Not available in all states.

  • Smart Insights: Individual taxes only. Included with TurboTax Deluxe, Premium, TurboTax Live, TurboTax Live Full Service, or with PLUS benefits, and is available through November 1, 2025. Terms and conditions may vary and are subject to change without notice.

  • My Docs: Included with TurboTax Deluxe, Premium TurboTax Live, TurboTax Live Full Service, or with PLUS benefits and is available through December 31, 2025. Terms and conditions may vary and are subject to change without notice.

  • Tax Return Access: Included with all TurboTax Free Edition, Deluxe, Premium, TurboTax Live, and TurboTax Live Full Service products. Access to up to seven years of tax returns we have on file for you is available through December 31, 2025. Terms and conditions may vary and are subject to change without notice.

  • Easy Online Amend: Individual taxes only. With TurboTax Deluxe, Premium, TurboTax Live, TurboTax Live Full Service, or with PLUS benefits, you can make changes to your 2024 tax return online through October 31, 2027. For TurboTax Live Full Service, your tax expert will amend your 2024 tax return for you through November 15, 2025; after that date, TurboTax Live Full Service customers will be able to amend their 2024 tax return themselves using the Easy Online Amend process described above. TurboTax Free Edition customers may amend 2024 tax returns online through October 31, 2025. Terms and conditions may vary and are subject to change without notice.

  • #1 best-selling tax software: Based on aggregated sales data for all tax year 2023 TurboTax products.

  • #1 online tax filing solution for self-employed: Based upon IRS Sole Proprietor data as of calendar year 2024, for tax year 2023. Self-Employed defined as a return with a Schedule C/C-EZ tax form. Online competitor data is extrapolated from press releases and SEC filings. “Online” is defined as an individual income tax DIY return (non-preparer signed) that was prepared online and either e-filed or printed, not including returns prepared through desktop software.

  • 1099-Ks: Those filing in TurboTax Free Edition, TurboTax Live Assisted Basic or TurboTax Live Full Service Basic will be able to file a limited IRS Schedule 1 if they have hobby income or personal property rental income reported on a Form 1099-K, and/or a limited IRS Schedule D if they have personal item sales with no gain reported on Form 1099-K. Those filing in TurboTax Deluxe, TurboTax Live Assisted Deluxe or TurboTax Live Full Service Deluxe will be able to file a limited IRS Schedule D if they have personal item sales income reported on Form 1099-K. If you add other schedules or forms, or need to report other types of income on Schedules 1, D, E, F, or Form 4835 you may be required to upgrade to another TurboTax product.

  • 1099-K Snap and Autofill: Available in mobile app and mobile web only.

  • 1099-NEC Snap and Autofill: Available in TurboTax Premium (formerly Self-Employed) and TurboTax Live Assisted Premium (formerly Self-Employed). Available in mobile app only. Feature available within Schedule C tax form for TurboTax filers with 1099-NEC income.

  • Year-Round Tax Estimator: Available in TurboTax Premium (formerly Self-Employed) and TurboTax Live Assisted Premium (formerly Self-Employed). This product feature is only available after you finish and file in a self-employed TurboTax product.

  • Refer a Friend: Maximum of $500 in total rewards for 20 referrals. See official terms and conditions for more details.

  • Refer your Expert (Intuit's own experts): Maximum of $500 in total rewards for 20 referrals. See official terms and conditions for more details.

  • Refer your Expert (TurboTax Verified Pro): Maximum of $500 in total rewards for 20 referrals. See official terms and conditions for more details.

  • Average Refund Amount: $3,207 is the average refund amount American taxpayers received in the 2024 filing season based upon IRS data as of February 16, 2024 and may not reflect actual refund amount received. Each taxpayer's refund will vary based on their tax situation.

  • More self-employed deductions: based on the median amount of expenses found by TurboTax Premium (formerly Self Employed) customers who synced accounts, imported and categorized transactions compared to manual entry. Individual results may vary.

  • TurboTax Online Business Products: For TurboTax Live Assisted Business and TurboTax Full Service Business, we currently don't support the following tax situations: C-Corps (Form 1120) and entities electing to be treated as a C-Corp, Trust/Estates (Form 1041), Tax Exempt Entities/Non-Profits, returns that require more than 5 state filings, and other issues unrelated to the preparation of a tax return or unrelated to business income/franchise taxes. TurboTax Live Assisted Business is currently available only in AK, AL, AZ, CA, CO, CT, DE, FL, GA, ID, IL, KS, KY, MA, MD, ME, MI, MN, MO, NC, NE, NJ, NV, NY, OH, PA, RI, SD, TN, TX, UT, VA, WA, WI, WY.

  • Audit Defense: Audit Defense is a third-party add-on service provided, for an additional fee, by TaxResources, Inc., dba Tax Audit. Audit Defense is included at no added cost with business returns filed with TurboTax Live Business (excluding Sole Proprietor). See Membership Agreements at https://www.intuit.com/legal/terms/ for service terms and conditions.

TURBOTAX DESKTOP GUARANTEES

TurboTax Desktop Individual Returns:

  • 100% Accurate Calculations Guarantee - Individual Returns: If you pay an IRS or state penalty or interest because of a TurboTax calculation error, we'll pay you the penalty and interest. Excludes payment plans. This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax Desktop. Excludes TurboTax Desktop Business returns. Additional terms and limitations apply. See License Agreement for details.

  • Maximum Refund Guarantee / Maximum Tax Savings Guarantee - or Your Money Back - Individual Returns: If you get a larger refund or smaller tax due from another tax preparation method by filing an amended return, we'll refund the applicable TurboTax federal and/or state software license purchase price you paid. This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax Desktop. Excludes TurboTax Desktop Business returns. Additional terms and limitations apply. See License Agreement for details.

  • Audit Support Guarantee - Individual Returns: If you receive an audit letter from the IRS or State Department of Revenue based on your 2024 TurboTax individual tax return, we will provide one-on-one question-and-answer support with a tax professional, if requested through our Audit Support Center, for audited individual returns filed with TurboTax Desktop for the current 2024 tax year and, for individual, non-business returns, for the past two tax years (2022, 2023). Audit support is informational only. We will not represent you before the IRS or state tax authority or provide legal advice. If we are not able to connect you to one of our tax professionals, we will refund the applicable TurboTax federal and/or state license purchase price you paid. This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax Desktop. Excludes TurboTax Desktop Business returns. Additional terms and limitations apply. See License Agreement  for details.

  • Satisfaction Guarantee/ 60-Day Money Back Guarantee: If you're not completely satisfied with TurboTax Desktop software, go to refundrequest.intuit.com within 60 days of purchase and follow the process listed to submit a refund request. You must return this product using your license code or order number and dated receipt. Desktop add-on products and services purchased are non-refundable.

TurboTax Desktop Business Returns:

  • 100% Accurate Calculations Guarantee - Business Returns: If you pay an IRS or state penalty or interest because of a TurboTax calculation error, we'll pay you the penalty and interest. Excludes payment plans. You are responsible for paying any additional tax liability you may owe. Additional terms and limitations apply. See License Agreement  for details.

  • Maximum Tax Savings Guarantee - Business Returns: If you get a smaller tax due (or larger business tax refund) from another tax preparation method using the same data, TurboTax will refund the applicable TurboTax Business Desktop license purchase price you paid. Additional terms and limitations apply. See License Agreement  for details.

  • Satisfaction Guarantee/ 60-Day Money Back Guarantee: If you're not completely satisfied with TurboTax Desktop software, go to refundrequest.intuit.com within 60 days of purchase and follow the process listed to submit a refund request. You must return this product using your license code or order number and dated receipt. Desktop add-on products and services purchased are non-refundable.

TURBOTAX DESKTOP DISCLAIMERS

  • Installation Requirements: Product download, installation and activation requires an Intuit Account and internet connection. Product limited to one account per license code. You must accept the TurboTax License Agreement to use this product. Not for use by paid preparers.

  • TurboTax Desktop Products: Price includes tax preparation and printing of federal tax returns and free federal e-file of up to 5 federal tax returns. Additional fees apply for e-filing state returns. E-file fees may not apply in certain states, check here for details. Savings and price comparison based on anticipated price increase. Software updates and optional online features require internet connection. Desktop add-on products and services purchased are non-refundable.

  • Fastest Refund Possible: Get your tax refund from the IRS as fast as possible by e-filing and choosing to receive your refund by direct deposit. Tax refund time frames will vary. The IRS issues more than 9 out of 10 refunds in less than 21 days.

  • Average Refund Amount: $3,207 is the average refund amount American taxpayers received in the 2024 filing season based upon IRS data as of February 16, 2024 and may not reflect actual refund amount received.

  • TurboTax Technical Support: Customer service and technical support hours and options vary by time of year.

  • Deduct From Your Federal Refund: Individual taxes only. Subject to eligibility requirements. Additional terms apply. A $40 Refund Processing Service fee applies to this payment. method. Prices are subject to change without notice.

  • Data Import: Imports financial data from participating companies; Requires Intuit Account. Quicken and QuickBooks import not available with TurboTax installed on a Mac. Imports from Quicken (2022 and higher) and QuickBooks Desktop (2023 and higher); both Windows only. Quicken import not available for TurboTax Desktop Business. Quicken products provided by Quicken Inc., Quicken import subject to change.

  • Live Tax Advice: Access to tax experts to obtain answers to tax questions and to assist with tax year 2024 return(s) prepared with TurboTax Desktop software. Additional fees apply. Must be purchased and used by October 31, 2025. Excludes TurboTax Desktop Business. See License Agreement for details.

  • Audit Defense: Audit Defense is a third-party add-on service provided, for a fee, by TaxResources, Inc., dba Tax Audit. See Membership Agreements at https://turbotax.intuit.com/corp/softwarelicense/ for service terms and conditions.

All features, services, support, prices, offers, terms and conditions are subject to change without notice.

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