The U.S. Internal Revenue Service (IRS) released a list of electric vehicles (EVs) including all-electric, plug-in hybrid, and fuel-cell vehicles eligible for Federal Tax Credit up to $7,500 starting January 1, 2024.
The availability of the credit will depend on several factors including the vehicle’s MSRP, its final assembly location, and battery component sourcing. Below you can check the list EVs selected for the new tax rebate:
Audi:
- Audi Q5 PHEV 55 TFSI e-quattro and Q5 S Line 55 TFSI e quattro 2023-2024 qualified for $3,750 credit with $80,000 MSRP.
Cadillac:
- The LYRIQ 2024 version qualified for a $7,500 tax credit with a $80,000 MSRP limit.
Chevrolet
- Chevrolet has qualified two models for the $7,500 credit amount including the Bolt EUV models from 2022-2023 and Bold EV 2022-23. Both of these have an MSRP limit of $55,000.
Chrysler:
- Pacifica PHEV model 2022-2024 qualified for a $7,500 credit amount and its MSRP limit is $80,000.
Ford:
- Ford’s F-150 Lightning Extended Range and Standard Range 2022-24 electric vehicle qualified for a $7,500 credit amount. The Escape Plug-in Hybrid 2022-24 PHEV model is eligible for a $3,750 credit amount with a $80,000 MSRP limit.
Honda:
- Prologue 2024 Electric is qualified for $7,500 tax credit and $80,000 MSRP limit.
Jeep:
- Grand Cherokee PHEV and Wrangler PHEV 4xe 2022-24 models qualified for a $3,750 tax credit and their MRSP limit is $80,000.
Lincoln:
- Moving next in line, Corsair Touring 2022-24 PHEV also qualified for a $3,750 credit amount with an MSRP limit of $80,000.
Nissan:
- Nissan LEAF S and LEAF SV Plus 2024 models qualified for a $3,750 tax credit and $55,000 MSRP limit.
Rivian:
- Its R1S Dual Large, R1S Quad Large, R1T Dual Large, R1T Dual Max, and R1T Quad Large 2023-24 electric vehicles qualified for a $3,750 credit amount with $80,000 MSRP limit.
Tesla:
- Model 3 Performance, Model X Long Range, Model Y All-Whell Drive, Model Y Performance 2023-24 models, and Model Y Rear-Wheel Drive (2024) electric vehicles all are eligible for a $7,500 tax credit.
The Model 3 Performance version has a $55,000 MSRP limit, while the rest four have a $80,000 MSRP limit.
Volkswagen:
- ID.4 AWD PRO
- ID.4 AWD PRO S
- ID.4 AWD PRO S Plus
- ID.4 PRO
- ID.4 PRO S
- ID.4 PRO S PLUS
- ID.4 S
- ID.4 STANDARD
These Volkswagen models ranging from 2023-2024 are eligible for $7,500 tax credit with a $80,000 MSRP limit.
Tax credit qualifications:
Electric vehicles from different automakers must meet the new vehicle component guidelines/criteria including the new critical mineral and battery component requirements.
Vehicles that only meet the critical minerals requirements will qualify for a $3,750 credit. EVs that only meet the battery components requirements will also qualify for $3,750. EVs that meet both of the above requirements will qualify for a $7,500 tax credit.
Note: There might be more vehicles that may be added to the list later on.
Federal Tax Credit for electric vehicles (EV) for 2024, source – IRS
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