REBATE KEY ALTERNATIVE CODE
REBATE KEY ALTERNATIVE PLUS

In addition, the vehicle's manufacturer suggested retail price (MSRP) can't exceed:

Sellers are required to report your name and taxpayer identification number to the IRS for you to be eligible to claim the credit.

The seller reports required information to you at the time of sale and to the IRS.

Meet critical mineral and battery component requirements (as of April 18, 2023).

Undergo final assembly in North America.

FCVs do not need to be made by a qualified manufacturer to be eligible.

Have a gross vehicle weight rating of less than 14,000 pounds.

Have a battery capacity of at least 7 kilowatt hours.

$3,750 if the vehicle meets the battery components requirement onlyĪ vehicle that doesn't meet either requirement will not be eligible for a credit.

$3,750 if the vehicle meets the critical minerals requirement only.

REBATE KEY ALTERNATIVE PLUS

Vehicles will have to meet all of the same criteria listed above, plus meet new critical mineral and battery component requirements for a credit up to: For vehicles placed in service Apand after: In general, the minimum credit will be $3,751 ($2,500 + 3 times $417), the credit amount for a vehicle with the minimum 7 kilowatt hours of battery capacity. Plus $417 for each kilowatt hour of battery capacity beyond 5 kilowatt hours.Plus $417 for a vehicle with at least 7 kilowatt hours of battery capacity.For vehicles placed in service January 1 to April 17, 2023: The amount of the credit depends on when you placed the vehicle in service (took delivery), regardless of purchase date.

You can't apply any excess credit to future tax years. The credit is nonrefundable, so you can't get back more on the credit than you owe in taxes. If your modified AGI is below the threshold in 1 of the two years, you can claim the credit. You can use your modified AGI from the year you take delivery of the vehicle or the year before, whichever is less.

$300,000 for married couples filing jointly.

In addition, your modified adjusted gross income (AGI) may not exceed:

Buy it for your own use, not for resale.

The credit is available to individuals and their businesses. The Inflation Reduction Act of 2022 changed the rules for this credit for vehicles purchased from 2023 to 2032.

REBATE KEY ALTERNATIVE CODE

You may qualify for a credit up to $7,500 under Internal Revenue Code Section 30D if you buy a new, qualified plug-in EV or fuel cell electric vehicle (FCV). If they don't, your vehicle won't be eligible for the credit.įind information on credits for used clean vehicles, qualified commercial clean vehicles, and new plug-in EVs purchased before 2023. Sellers must also register online and report the same information to the IRS. If you place in service a new plug-in electric vehicle (EV) or fuel cell vehicle (FCV) in 2023 or after, you may qualify for a clean vehicle tax credit.Īt the time of sale, a seller must give you information about your vehicle's qualifications. Find details in Q6 under Topic A in the fact sheet PDF. This applies even if you bought the vehicle before April 18.

They work with us to ground investment choices in equity to help all Californians access a cleaner future,” Richard W.If you take possession of a new clean vehicle on or after April 18, 2023, it must meet critical mineral and battery component requirements to qualify for the credit.

“California’s transportation investments are rooted in partnerships, and CSE is one of our crucial partners in helping investments reach communities across the state. In addition to issuing rebates, CSE conducts clean vehicle education and outreach, analyzes program data to inform stakeholders and policy makers and conducts ongoing surveys of CVRP recipients with the goal of encouraging clean vehicle technology development and deployment. CVRP funding is determined by an annual funding plan that is developed with public input and approved by the California Air Resource Board. Since program inception in 2009, CSE has issued over $1 billion to fund rebates for individuals, nonprofits, government entities and business owners. CSE is the statewide administrator of the Clean Vehicle Rebate Project (CVRP), an initiative of the California Environmental Protection Agency's Air Resources Board providing rebates for the purchase or lease of zero-emission and plug-in hybrid light-duty vehicles.

Rebate key alternative