Federal Tax, Tax

More Electric Vehicles Eligible for Federal Tax Credit

The IRS has added more electric vehicles to its list of those eligible for a federal tax credit. The tax code provides a credit (of up to $7,500) to purchasers of qualified plug-in electric-drive passenger vehicles and light trucks. The credit phases out over four calendar quarters, beginning when a manufacturer has sold at least 200,000 qualifying vehicles in the United States. Here are the new eligible vehicles (all are 2023 models): Hyundai Genesis GV60, Jaguar I-Pace (HSE), Land Rover Range Rover SE PHEV, Land Rover Range Rover Sport Autobiography PHEV, MINI Cooper SE Hardtop, and Subaru Solterra. Click here for a full list of qualifying vehicles and the credit amounts. Contact Cg with questions. © 2022