Federal Tax Credit Up To $7,500!
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.
The availability of the credit will depend on several factors, including the vehicle’s MSRP, its final assembly location, battery component and/or critical minerals sourcing, and your modified adjusted gross income (AGI).
Learn more about requirements.
Qualified vehicles purchased before 2023 may be eligible for a similar tax credit of up to $7,500.
Pre-owned vehicles purchased in 2023 or after are eligible for a tax credit of up to $4,000.
State and/or local tax incentives may also apply.
Attention: New Requirement!
In accordance with new IRS regulations, beginning January 1, 2024, Clean Vehicle Tax Credits must be initiated and approved at the time of sale.
Buyers are advised to obtain a copy of the IRS’s confirmation that a “time-of-sale” report was submitted successfully by the dealer.
Go to IRS publication 5900 to learn more!
The information on this page applies to the Clean Vehicle Credit available to individuals and businesses. For details about the credit available to businesses and non-profit organizations, see Commercial Clean Vehicle Credit (IRS).
Note: Some qualified manufacturers have yet to submit information on eligible vehicles that meet the current requirements. Please check back for updated information.
Search for Eligible Vehicles
Vehicle eligibility for some makes and models depends on the date you take delivery of the vehicle—this is sometimes called the placed-in-service date.Select date you plan to take delivery (required) Delivery date January 1, 2025 – December 31, 2025 January 1, 2024 – December 31, 2024 April 18, 2023 – December 31, 2023 January 1, 2023 – April 17, 2023
| Make | Model | Model Year | Vehicle Type | Credit Amount | MSRP Limit | Assembled in N. America |
|---|---|---|---|---|---|---|
| Volvo | ||||||
 | S60 (PHEV) | 2022 | $5,419 | $55,000 | ||
| S60 Extended Range | 2022 | $7,500 | $55,000 | ||
| S60 T8 Recharge (Extended Range) | 2023 | $7,500 | $55,000 | ||
Updated 3/13/2024
Source: Internal Revenue Service
Requirements
Claiming the Credit
Additional Information
DISCLAIMER
The information regarding vehicle eligibility for the Clean Vehicle Credit represents information from the IRS (see Federal Tax Credits for Plug-in Electric and Fuel Cell Electric Vehicles Placed into Service between January 1 and April 17, 2023). The information on this page should not be viewed as an official or legally binding document. Other requirements or exceptions may apply. For more detailed information, please consult an IRS tax representative and/or official IRS publications.
