Ford EV Tax Credit

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Electric Vehicle Tax Credit

The recently passed Inflation Reduction Act includes many provisions that are intended to encourage people to reduce their carbon emissions. One of the most prominent provisions was the inclusion of a new EV tax credit. The tax credit is a bit more complicated to administer than the previous tax credit but it is still well worth exploring as it can offer significant savings on the purchase of your new or used electric vehicle.

EV Tax Credit Income and Price Requirements

Going forward starting in 2023 the tax credit for electric vehicles will include provisions that create an income requirement. The available tax credit of $7500 will only apply to taxpayers with incomes up to or equal to $150,000 for single filers, $225,000 for heads of household, and $300,000 for joint filers. To qualify for the new tax credit, electric cars must be priced at less than $55,000, and electric SUVs and trucks must be priced at less than $80,000. The upcoming EV tax credit now will provide a credit of up to $4000 to used EV buyers as well.

Manufacturing and Battery Requirements For New EV Tax Credits

One of the primary changes to the new EV tax credit is a requirement that the vehicle is assembled in the United States, and that a minimum content of the materials used in the battery be sourced from the US or from its free trade partners. This will limit the EVs that are currently eligible for the tax credit. For a plug-in hybrid vehicle to qualify for the tax credit there will now be a requirement that the battery supply a minimum of 7 kWh battery packs. These requirements makes it a bit more complicated to qualify than the previous tax credit. Don't miss out on these savings by choosing an electric vehicle that doesn't fulfull these requirements.

We Make It Easy To Claim the EV Tax Credit

At Inver Grove Ford we will work with you to calculate and apply the correct EV tax credit to the purchase price of your vehicle. That way you will not have to jump through any hoops or scour any databases to find out whether your purchase is eligible for the tax credit. Our finance department will work with you to determine the appropriate tax credits before your purchase so you won’t be left holding the bag when it comes to the final purchase price. Contact us at Inver Grove Ford for more information on all of the Ford vehicles that may be eligible for the new EV tax credit.

Ford Vehicles Eligible For The Tax Credit

Come to Inver Grove Ford to find out how much you can save on a new electric or plug-in hybrid Ford model. Our finance team has all the details on which vehicles qualify. Going green has never been easier or more affordable in the Twin Cities.

Although every reasonable effort has been made to ensure the accuracy of the information contained on this site, absolute accuracy cannot be guaranteed. This site, and all information and materials appearing on it, are presented to the user "as is" without warranty of any kind, either express or implied. All vehicles are subject to prior sale. Price does not include applicable tax, title, and license charges. ‡Vehicles shown at different locations are not currently in our inventory (Not in Stock) but can be made available to you at our location within a reasonable date from the time of your request, not to exceed one week.

Although every reasonable effort has been made to ensure the accuracy of the information contained on this site, absolute accuracy cannot be guaranteed. This site, and all information and materials appearing on it, are presented to the user "as is" without warranty of any kind, either express or implied. All vehicles are subject to prior sale. Price does not include applicable tax, title, license charges and $200 documentation fee. ‡Vehicles shown at different locations are not currently in our inventory (Not in Stock) but can be made available to you at our location within a reasonable date from the time of your request, not to exceed one week.