Electric Vehicle Federal Tax Credits for 2024

A woman with a child standing next to an Electric Vehicle.

As of January 1, 2024 and on, credit eligibility and amount will be determined using the IRS Energy Credits Online website at the time of the vehicle sale. The dealer is required to complete and provide a copy of the time-of-sale report, which is needed to claim the credit incentive.

Some electric vehicles that may apply are:

If the vehicle is eligible for the credit there are then two options:

  1. Using Form 8936 to claim the credit on the year’s tax return.
  2. Transfer the credit to the dealer so then they could apply that credit amount to your final purchase cost. Allowing you to receive the credit benefit at the time of the sale. Form 8936 must still be filled out.
    • Visit HERE to read more about your eligibility.

What cars qualify for the $7,500 tax credit in 2024?
Find out if a vehicle qualifies for the clean vehicle tax credit on fueleconomy.gov and read more about what makes a vehicle qualify here.