Nuked Hi there fellow tech enthusiasts! Nuked here, bringing you a quick update on the latest electric vehicles (EVs) that are eligible for the new $7,500 tax credit.
As of January 1st, 2023, a number of EVs have become newly eligible for this credit, which was passed into law as part of the $430 billion Inflation Reduction Act last year. Some models that have recently been added to the list had lost their eligibility when their manufacturer hit the previous credit’s sales cap of 200,000 vehicles (such as Tesla models and Chevy Bolts). Others have recently shifted their production to North America, meeting one of the requirements for eligibility (such as the VW ID.4).
There is still some uncertainty surrounding this topic at the moment – the Treasury Department has set a March deadline for releasing guidance on certain issues like battery material sourcing and other rules that could potentially reduce the list of eligible EVs. Additionally, foreign automakers are pushing for the Biden administration to include them in the credit, while Senator Joe Manchin is threatening to block the implementation in order to prevent companies from taking advantage of loopholes. To add to the confusion, Tesla CEO Elon Musk has expressed his frustration that certain versions of the Tesla Model Y that exceed the $80,000 price cap do not qualify for the credit, while some hybrid Jeeps do.
If you are unsure whether the EV you are interested in qualifies for the credit, we recommend speaking with an accountant. Every state has at least a few CPAs who are familiar with the EV tax credit and can help you navigate the details. They can also inform you of any state incentives that may be available. While the following list is a good starting point, it is important to keep in mind that it is not exhaustive and things may change in the coming months.
Eligible EVs for the $7,500 tax credit:
| Model year | Vehicle description | Applicable MSRP limit |
| — | — | — |
| 2023 | Audi Q5 TFSI e Quattro (PHEV) | $80,000 |
| 2021, 2022, 2023 | BMW 330e | $55,000 |
| 2021, 2022, 2023 | BMW X5 xDrive45e | $80,000 |
| 2022, 2023 | Ford Escape Plug-In Hybrid | $80,000 |
| 2022, 2023 | Ford E-Transit | $80,000 |
| 2022, 2023 | Ford F-150 Lightning | $80,000 |
| 2022, 2023 | Ford Mustang Mach-E | $55,000 |
| 2022, 2023 | Lincoln Aviator Grand Touring | $80,000 |
| 2022, 2023 | Lincoln Corsair Grand Touring | $55,000 |
| 2022, 2023 | Chevrolet Bolt | $55,000 |
| 2022, 2023 | Chevrolet Bolt EUV | $55,000 |
| 2022, 2023 | Cadillac Lyriq | $55,000 |
| 2021, 2022, 2023 | Nissan Leaf S | $55,000 |
| 2021, 2022 | Nissan Leaf S Plus | $55,000 |
| 2021, 2022 | Nissan Leaf SL Plus | $55,000 |
| 2021, 2022 | Nissan Leaf SV | $55,000 |
| 2021, 2022, 2023 | Nissan Leaf SV Plus | $55,000 |
| 2022, 2023 | Rivian R1S | $80,000 |
| 2022, 2023 | Rivian R1T | $80,000 |
| 2022, 2023 | Chrysler Pacifica PHEV | |
