Federal Tax Credit Up To $4,000!
Pre-owned all-electric, plug-in hybrid, and fuel cell electric vehicles purchased on or after January 1, 2023, may be eligible for a federal income tax credit. The credit equals 30% percent of the sale price up to a maximum credit of $4,000.
The credit is nonrefundable when you file your taxes, so you can’t get back more on the credit than you owe in taxes if you do not transfer the credit at the point of sale. You can’t apply any excess credit to future tax years.
Note: Pre-owned vehicles purchased before 2023 don’t qualify for this credit. However, new vehicles may qualify for other credits.
Vehicle must be purchased from a dealer, have a sale price of $25,000 or less, and must have a model year two years prior to the current calendar year.