I WANT TO BUY A NEW PASSENGER ELECTRIC VEHICLE

The document outlines the eligibility criteria for federal electric vehicle (EV) tax credits. For new EVs, the full $7,500 credit requires the vehicle to be assembled in North America, meet MSRP caps ($55,000 for sedans; $80,000 for SUVs, vans, or pickups), and satisfy buyer income limits ($150,000 individual; $225,000 head of household; $300,000 joint). New EV eligibility also depends on escalating annual requirements for North American battery component production (50% in 2023, rising to 100% by 2029+) and critical mineral sourcing (40% in 2023, rising to 80% by 2027+). Vehicles with components or minerals from a 'foreign entity of concern' become ineligible starting in 2024 and 2025, respectively. For used EVs, a credit of 30% up to $4,000 is available if the sale price is at or below $25,000 and the buyer's adjusted gross income is at or below $75,000 (individual), $112,000 (head of household), or $150,000 (joint).

• Eligibility for the full $7,500 federal tax credit for new passenger electric vehicles depends on vehicle MSRP caps, North American assembly, buyer income levels, and specific battery and mineral sourcing requirements.
• New electric vehicles must meet increasing annual thresholds for North American battery component production and critical mineral sourcing to qualify for credits, with strict prohibitions against 'foreign entity of concern' involvement starting in 2024 for components and 2025 for minerals.
• Used passenger electric vehicles may qualify for a tax credit of 30% up to $4,000 if the sale price is $25,000 or less and the buyer's adjusted gross income does not exceed $75,000 for individuals, $112,000 for heads of household, or $150,000 for joint households.

APA

Energy Innovation (n.d.). I WANT TO BUY A NEW PASSENGER ELECTRIC VEHICLE. https://energyinnovation.org/wp-content/uploads/EV-Incentive-Flow-Chart.pdf

Chicago

Energy Innovation. I WANT TO BUY A NEW PASSENGER ELECTRIC VEHICLE. n.d. https://energyinnovation.org/wp-content/uploads/EV-Incentive-Flow-Chart.pdf.

Wikipedia

{{cite report |author=Energy Innovation |title=I WANT TO BUY A NEW PASSENGER ELECTRIC VEHICLE |url=https://energyinnovation.org/wp-content/uploads/EV-Incentive-Flow-Chart.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{energyinnovationndwant, author = {{Energy Innovation}}, title = {{I WANT TO BUY A NEW PASSENGER ELECTRIC VEHICLE}}, institution = {Energy Innovation}, url = {https://energyinnovation.org/wp-content/uploads/EV-Incentive-Flow-Chart.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }