Question
In 2022, Ken purchased a brand-new, certified plug-in electric vehicle (EV). Ken might be able to get a non- refundable tax credit for a clean
In 2022, Ken purchased a brand-new, certified plug-in electric vehicle (EV). Ken might be able to get a non- refundable tax credit for a clean vehicle worth up to $7,500 (this will be deducted from his tax liability). The vehicle must be for personal use in the U.S, and not for resale. A vehicle must comply with the following, except for: a) Have an external charging source. b) Have a maximum gross vehicle weight of under 14,000 pounds. The stipulation that a company will provide the credit to the first 200,000 electric vehicles made is no longer required. c) The vehicle must be fully assembled in North America. The same rules apply if you buy a qualified electric vehicle between August 17, 2022 and December 31, 2022. d) Only Form 1040 and proof of purchase needs to be attached to the tax return.
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