Consumer and Finances
Buy an Electric Vehicle in 2023? You May Be Eligible for a Tax Credit
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With Tax Day just over six weeks away, AAA Northeast is reminding anyone who bought an electric vehicle last year to check if they’re eligible for a federal tax credit. — an announcement from AAA Northeast
Last year, more than 1.4 million electric vehicles were sold across the country, including over one million fully electric vehicles — both the highest figures on record, according to the Argonne National Laboratory. The federal EV credit changed last year, with limits on which filers and vehicles are eligible, so this is the first time taxpayers will use this version of Form 8936 to claim the credit. Here’s what consumers need to know about who is eligible:
*If your adjusted gross income was below this threshold in either 2022 or 2023, you’re eligible for the credit. **To be eligible for a 2023 tax credit, a vehicle’s final assembly must have
occurred in North America.