Claim Your Clean Car Tax Credit At The Electric Car Corner
The Electric Car Corner is here to make claiming your Clean Car Tax Credit a breeze, we do all of the leg work for you! To reduce monthly vehicle payments we encourage you to use your tax credit as a down payment towards your vehicle purchase.
As of January of 2023, if you purchased a qualified used electric vehicle or fuel cell vehicle from a dealership for $25,000 or less. Buyers may be eligible for a tax credit on their purchase. Purchases made before 2023 do not qualify for the tax credit. This credit is non-refundable, you cannot get back more on the credit than you ow in taxes and you cannot apply any excess credit to tax years down the road.
Who Qualifies?
According to the IRS website in order to qualify for the tax credit you must:
- Purchase the vehicle for use and not resale
- Not be the original owner of the vehicle
- Cannot be claimed as a dependent on another individual's tax return
- Not have claimed another clean vehicle credit within 3 years of the vehicle purchase date.
Also, your AGI (modified adjusted gross income) may not exceed:
- For married filing jointly or suriving spouse $150,000
- Heads if household $112,500
- For other filers $75,000
You are able to use your AGI from the year you take delivery of the vehicle or the year before, whichever AGI is less. If your income is below the threshold for 1 of the 2 years, you are able to claim the tax credit.
Which Vehicles Qualify For The Tax Credit?
In order to qualify, a vehicle must meet the following requirements:
- Have a sale price of $25,000 or less
- The vehicle needs to be 2 years or older. For example if you are a purchasing a vehicle in 2024, the vehicle you are purchasing needs to be 2022 or older.
- Not have already been transferred after 8/16/2022 to a qualified buyer.
- Have a GVW (gross vehicle weight) raiting of fewer than 14,000 LBS
- Be an eligible FCV or plug-in EV with a battery capacity of atleast 7 kWh
- Primary use in the United States
The Vehicle Purchase Only Qualifies If:
- You purchase the vehicle from a dealership
- The dealership reports the required information to you at the time of sale and to the IRS.
The Following Required Information Includes:
- Dealer's name and taxpayer ID number
- Buyer's name and taxpayer ID number
- Sale date and price
- Maximum credit allowable under IRC 25E
- VIN number of the vehicle purchased
- Vehicle battery capacity
For further questions on which vehicles in our inventory qualify for the Clean Car Tax Credit, we welcome you to reach out to us! By either calling 585-433-4544, visiting us at 6162 NY-96 Farmington, NY 14425 or filling out the form below. We would be more than happy to answer any questions that you may have.
Claim Your Clean Car Tax Credit Today
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