EV Tax Credits & What Cars Qualify

 

 

Did you know you can get up to $11,750 back on the purchase price or lease of a new electric or hybrid plug-in car?

 

There is no better time to consider electric if you are in the market to purchase or lease a new car than right now. The two types of cars that qualify for EV rebates are fully electric and also hybrid plug-in vehicles. With the purchase of either of these types of vehicles you can get up to $7,500* federal tax credit in addition to a state rebate. The state rebates are as follows:

• $2,000 NYS tax rebate*
• $2,500 Massachusetts tax rebate*
• $4,250 Connecticut tax rebate*

 

New York EV Tax Credit

In New York State the Drive Clean Rebate offers NYS residents a rebate that is dependent on how much battery-only range the vehicle has and the purchase price of the vehicle purchased or leased, see below:

 

Massachusetts EV Tax Credit

 

The MOR-EV program offers Massachusetts residents who purchase fully-electric battery cars with a purchase price of less than $50,000 a rebate amount of $2,500. For plug-in hybrid vehicles with a battery range of 25 miles or more and a final purchase price less than $50,000, consumers will receive a $1,500 rebate.

 

Connecticut Tax EV Credit

 

The CHEAPR (Connecticut Hydrogen and Electric Automobile Purchase Rebate) gives up to $4,250 depending on the type of vehicle leased or purchased. For fully-electric cars the incentive amount is $4,250, and for plug-in hybrid vehicles (PHEV) the rebate amount is $2,250. 

 

Cars That Qualify for the Federal Tax Rebate

 

Image Courtesy of Hyundai

 

Hyundai cars that qualify: 

2022 Ioniq 5 

2022 Tucson Plug-in Hybrid

2022 Santa Fe Plug-in Hybrid

 

Image Courtesy of Jeep

 

Jeep cars that qualify:

2022 Wrangler PHEV

Jeep Grand Cherokee PHEV

 

Image Courtesy of Nissan

 

Nissan cars that qualify:

2022 Leaf

 

Image Courtesy of Toyota

 

Toyota cars that qualify**: 

2022 RAV4 Prime Plug-in

2022 Prius Prime Plug-in Hybrid 

 

Take advantage of these programs and find your electric or plug-in hybrid here: https://www.liacars.com/searchnew.aspx 

Please note on August 16^th 2022 there are new tax requirements for qualifying electric vehicles… Final assembly is now required to have occurred in North America.  

More information Here: Plug-in Electric Drive Vehicle Credit Section 30D | Internal Revenue Service (irs.gov)

Use this link to look what vehicle qualifies for Tax credits: Alternative Fuels Data Center: Inflation Reduction Act of 2022 (energy.gov)

*Tax credits are based on current data from 8/9/2022 and are not guaranteed and are subject to change based on government programs. 

**Any Toyota vehicles purchased after 9/30/23 will no longer be eligible for federal tax credits.

 

Sources: 

https://jalopnik.com/the-proposed-ev-tax-credit-extension-has-some-caveats-1849347293?utm_campaign=Jalopnik&utm_content=1659110404&utm_medium=SocialMarketing&utm_source=facebook&fbclid=IwAR00OLpYQ2pxvjV1BJhITfmQswpWsD7ccVFTIklyyC1lLT0tn4CNwPShlXc 

https://www.fueleconomy.gov/feg/taxevb.shtml 

https://www.nyserda.ny.gov/drive-clean-rebate 

https://www.mass.gov/service-details/state-and-federal-electric-vehicle-funding-programs 

https://portal.ct.gov/DEEP/Air/Mobile-Sources/CHEAPR/CHEAPR—Home 

Tags: 2022, battery, cars, electric, ev
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