Here’s a helpful checklist from *Recurrent that breaks down Used EV Tax Credit Eligibility, which can be used as a Point-Of-Sale discount in 2024.

Previously Owned Clean Vehicles Credit under § 25E

The purchase of an eligible previously-owned clean vehicle may qualify for a tax credit of 30% of the sale price up to a maximum credit of $4,000.

     VEHICLE:

• Sale price of $25,000 or less (does not include separate financing, extended warranties, insurance, and separately-stated taxes and fees required by State or local law)
• The model year of the vehicle is at least two years earlier than the calendar year in which a taxpayer acquires the vehicle
• Gross vehicle weight rating of less than 14,000 pounds and an eligible vehicle with a battery capacity of least 7 kilowatt hours
• Not have already been sold as a used vehicle after August 16, 2022, based on the vehicle history report
  BUYER: Modified adjusted gross income limitation:
• Joint filers: $150,000
• Heads of households: $112,500
• All other filers: $75,000
• Buyer is not the original owner
  Purchase of the vehicle was for personal use and not for resale
• Buyer cannot have claimed another used clean vehicle credit in the 3 years before the purchase date
  SELLER:
• Licensed dealer

• Reports required information to the buyer and IRS at the time of sale.
  Name and taxpayer identification number of the dealer
  Name and taxpayer identification number of the buyer
  Vehicle identification number (VIN)

• Battery capacity
  The sales price of the vehicle
  Placed in service date

• Buyer cannot be claimed as a dependent by another taxpayer

• Maximum credit allowable for the VIN

Go electric ✌️

*Recurrent provides EV battery reports for used electric cars. They are a “team of software engineers and battery scientists partners with great minds and organizations across the US to accelerate EV adoption.”
“We believe in a world where anyone can confidently buy a used EV without worrying about its battery degradation”.
www.recurrentauto.com

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