tesla tax credits are back

The tax credit for plug-in electric powered vehicles, now called the clean vehicle credit, remains at the maximum credit of $7,500 and runs through 2032 (IRC section 30D). But the new name also brought several changes to the credit:
• For tax year 2022, if you bought a Tesla, GM or Toyota, you didn’t qualify for the credit because these manufacturers exceeded the 200,000-vehicle cap. Beginning 2023, this manufacturer cap has been eliminated making taxpayers eligible for the credit.
• If you bought your EV after August 16, 2022, it must meet the new “final assembly requirement,” which requires final assembly in North America.
• Starting in 2023, qualified purchases will only include vehicles with a purchase price of $80,000 or less for SUVs and vans, or $55,000 for other vehicles.
• There is now an income cap starting in 2023, where a purchaser's modified adjusted gross income (MAGI) cannot exceed $300,000 for married filing jointly and qualifying widows; $225,000 for heads of households; and $150,000 for all other filers.
The clean energy vehicle credit may be claimed in 2023 for the purchase of a used vehicle. There are several differences in the credit:
• The maximum credit for a pre-owned vehicle is $4,000.
• The credit may be claimed only once every three years.
• The vehicle’s sale price cannot exceed $25,000.
• Modified Adjusted Gross Income limits apply for taxpayers claiming the credit for used vehicles—MAGI of no more than $150,000 for married filing jointly and qualifying widows; $112,500 for heads of households; and $75,000 for all other filers.
• The Vehicle Identification Number (VIN) must be at least two years earlier than the calendar year in which the vehicle was purchased.
• Starting in 2024, a taxpayer may transfer the credit to a dealer, which would reduce the purchase price, thus eliminating the wait for the credit
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00:00 Introduction
00:48 EV Max Credit
01:22 Tesla credit is back
01:37 Made in USA
01:51 Purchase prices
02:05 MAGI new
02:36 What about used cars?
02:48 Max credit for used
03:06 MAGI used
03:17 VIN
03:27 Transfer credit to dealer
03:40 Outro
04:14 Webinar