Looking to buy an electric car this year? You may be eligible for up to $7,500 in tax credits.
While it's easier than ever to access that discount now that customers no longer have to fill out tax paperwork to claim the credit, shoppers will find fewer cars that qualify in the wake of the Biden Administration's new rules on battery components and minerals.
Just 19 different electric vehicle and plug-in hybrid variations qualify for tax credits in 2024, down from 43 last year. See below for the full list, including all the model variations and their MSRP limits to qualify.
The list may expand as automakers update their supply chains to comply with the Biden Administration’s sourcing requirements.
Americans are less interested in EVs:Cost and charging still play a part
Some of the models that no longer qualify for the partial or full tax credit in the new year include other versions of the Tesla Model 3, the Volkswagen ID.4, the Nissan Leaf, the Ford Mustang Mach-E, and Chevrolet's Blazer, Equinox and Silverado.
Eligible cars must be assembled in North America and cannot contain battery components manufactured or assembled by "foreign entities of concern,” including China.
Then, there are two sourcing qualifications that must be met, each of which are worth $3,750 in tax credits:
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