Know anyone in the market for a new or used EV and wondering what tax credits might be available from federal or state sources? Send them the link at the bottom of this article for an upcoming webinar from the Electric Vehicle Association.
The 2024 tax credit is a bit more complicated to figure out, but it literally pays to get educated about what credits would be available to you. One of the big new benefits is it no longer matters how much you owe in taxes. You get the full credit regardless of your tax liability. You can get a rebate for amount of the tax credit directly from the dealer when you buy the EV. Another new benefit is that you can get a credit for a used EV, if you buy it from a dealer, you meet the income cap AND the vehicle costs less than $25,000.
Only certain vehicles are eligible for the 2024 tax credit. A recently updated list can be found here at electrek.com
Be sure to check your state for additional tax credits. In 2024 Colorado offers a $5,000 credit for new EVs, purchased or leased, for any car titled and registered Colorado, IF the manufacturer’s suggested retail price does not exceed $80,000. It doesn’t matter what state you purchased the vehicle in if you meet those requirements. In 2025, that credit will drop to $3,500. Light duty EV trucks get the same deal. These credits are in addition to the federal tax credit.
New Mexico does not yet have EV tax credits, but the governor says they are working on it.
Arizona does not have EV tax credits as of 2024. However EVs are exempt from emissions testing (AZ, you crack me up, no emissions testing!) and can use high-occupancy vehicle lanes.
Utah does not have an EV tax credit as of 2024.
There are a lot of caveats associated with the new federal tax credits, so I recommend you check out the webinar below or get more details from other sources such as the one below to determine which tax credit would apply to you and the vehicle you want to buy.
| Just a friendly reminder, join EVA for a free webinar!
Our esteemed panel of experts will discuss how the new EV Tax Credit will affect you. How does it work? How do you utilize it? What does “Cash On The Hood” mean? Which EVs qualify? Which dealers are approved? …and more!
Registration link is below. We’ll see you on Thursday, January 25, 2024 at 10:00 am Pacific Time. We are looking forward to answering all of your questions!
The Communications Committee,
Electric Vehicle Association
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