Beginning in 2024, participating car dealerships will be permitted to have the Clean Vehicle Credit assigned to them from the buyer at point of sale. This will be effective for new vehicles as well as pre-owned Jan 1, 2024. This will allow you to get your incentive at the start, with no special filing of your taxes as previous protocol required.  Check out your Pre-Loved vehicle choices closely, note the 1 Owner Vehicle, that’s the one you want to look at first!

The Used EV tax credit of up to $4,000 includes several eligibility requirements. Based on the information that has been released so far…

The vehicle must:

🚗 Be a plug-in electric vehicle (EV) or fuel cell electric vehicle (FCEV).

🚗 Have had only 1 previous owner

🚗 Have a model year two years prior to the current calendar year (2022 or older)

🚗 Be purchased from a licensed dealer.

🚗 Have a purchase price of $25,000 or less.

The buyer must:

🙋🏻‍♀️ Be an individual who is not a business.

🙋🏻‍♀️ Have a modified adjusted gross income (MAGI) that is below a certain threshold.

Go electric ✌️

The IRS maintains a list of eligible used EVs on its website, find it here: https://fueleconomy.gov/feg/taxused.shtml

Find out more about eligibility and requirements here: https://www.irs.gov/credits-deductions/used-clean-vehicle-credit