The IRS has announced a $7,500 tax credit benefit for those who meet the following criteria:
- Those who purchased a new, qualified plug-in EV or fuel cell electric vehicle (FCV) in 2023 or after sorely for their own use (not for resale) and for the purpose of using it primarily in the U.S.
- Whose modified adjusted gross income (AGI) does not exceed the following:
- $300,000 for married couples filing jointly
- $225,000 for heads of households
- $150,000 for all other filers
Keep in mind that this $7500 tax credit is a non-refundable tax credit and not a cash benefit.
For detailed information about this tax credit opportunity, please visit the following IRS website: