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ELECTRIC CARS

Which EV models are eligible for the new tax credit up to $7,500? Complete list

Those who want to go green by driving electric cars may get tax credit up to $7,500, but not very many EV models will be eligible for the full amount.

Those who want to go green by driving electric cars may get tax credit up to $7,500, but not very many EV models will be eligible for the full amount.
Ina FassbenderREUTERS

Those who buy electric cars may be eligible to receive tax credit of up to $7,500. However, only particular models manufactured by Ford, General Motors, Stellantis, and Tesla will be qualified for the full amount under the new rules of the Treasury Department.

The new subsidy, which will last until 2032, is part of changes enacted in the Inflation Reduction Act to encourage the purchase of eco-friendly vehicles and reduce greenhouse emissions.

Short list of EV’s qualified to receive $7,500 tax credit

According to the government’s fuel economy website, “All-electric, plug-in hybrid, and fuel cell electric vehicles purchased new in 2023 or after may be eligible for a federal income tax credit of up to $7,500.”

Although this provision sounds inclusive, very few electric cars are eligible to receive the full subsidy when all qualifications are applied. You can check out the list of requirements to able to claim the credit on the FuelEconomy.gov website.

Customers who buy a car can have tax credit applied to their next return. Beginning next year, the tax credit can be transferred to a dealership, thus cutting the price when they buy a vehicle.

Car owners are qualified for the credit as long the vehicle’s price is less than $50,000 for sedans $80,000 for SUV’s and vans.

Which EV models are eligible for the new tax credit?

  • 2022-2023 Chrysler Pacifica PHEV
  • 2022-2023 Jeep Wrangler PHEV 4xe
  • 2022-2023 Jeep Grand Cherokee PHEV 4xe
  • 2022-2023 Ford F-150 Lightning (standard and extended range)
  • 2022 Ford e-Transit
  • 2022-2023 Ford Mustang Mach-E (standard and extended range)
  • 2022 Ford Escape Plug-in Hybrid
  • 2022 Lincoln Corsair Grand Touring
  • 2023 Lincoln Aviator Grand Touring
  • 2022-2023 Chevrolet Bolt
  • 2022-2023 Chevrolet Bolt EUV
  • 2023-2024 Cadillac LYRIQ
  • 2024 Chevrolet Silverado EV
  • 2024 Chevrolet Blazer EV
  • 2024 Chevrolet Equinox EV
  • 2022-2023 Tesla Model 3 Standard Range RWD
  • 2022-2023 Tesla Model 3 Performance
  • 2022-2023 Tesla Model Y AWD
  • 2022-2023 Tesla Model Y Long Range AWD
  • 2022 Tesla Model Y Performance
  • 2023 Volkswagen ID.4 (all trims)
  • 2023 Rivian R1S
  • 2023 Rivian R1T

*Source: CNN