Are you considering making a shift toward a greener future with a Ford electric vehicle or plug-in hybrid model? At Hoblit Motors Ford, our expert team is ready to guide you through the potential savings you might enjoy through state and federal EV tax credits.
Northern California Ford fans who are interested taking the environmentally friendly step of moving toward the Ford EV lineup can visit our showroom to meet with our team and find the qualifying Escape PHEV or electric Mustang Mach-E that matches their needs.
Ready to see which Ford EVs are eligible for tax credits? Have any questions about EV tax laws? Our Ford dealership near Woodland is your source, so stop in today to learn more!
Am I Eligible for the Federal EV Tax Credit?
The federal EV tax credit is available for individuals and businesses alike. However, meeting the following criteria is necessary for eligibility:1
- The vehicle must be purchased for personal use, not for resale.
- The vehicle must be primarily used within the U.S.
- Your modified adjusted gross income (AGI) should not exceed:
- $300,000 for a joint-filing couple
- $225,000 for head of household
- $150,000 for other taxpayers
Remember, the credit is nonrefundable, and you cannot carry over any excess to the next fiscal year.
Understanding the Federal EV Tax Credit Amount
The base credit amount begins at $3,751. However, vehicles bought or put into service from January 1 to April 17, 2023, can get a credit up to $7,500.1
Federal EV Tax Credit Vehicle Qualifications
In order to qualify for the federal EV tax credit, your vehicle must include the following:1
- A battery capacity of a minimum of 7 kilowatt hours.
- Its gross vehicle weight rating should not exceed 14,000 pounds.
- It should be manufactured by a qualified manufacturer.
- Final assembly needs to occur in North America.
- Needs to comply with the critical mineral and battery component requirements.
The vehicle must be bought new, and the seller must report necessary information to the purchaser and the IRS. Additionally, the vehicle's MSRP (Manufacturer's Suggested Retail Price) should not exceed $80,000 for vans, SUVs, and pickup trucks or $55,000 for other vehicles.1
Eligible Ford EVs for Tax Credits
The following Ford EVs are eligible for tax credits:1
| Model Years | Model |
| 2022-23 | Ford Escape Plug-In Hybrid |
| 2022-23 | Ford E-Transit |
| 2022-23 | Ford F-150 Lightning |
| 2022-23 | Ford Mustang Mach-E |
For a full list of details and qualifying electric and plug-in hybrid Ford models, visit FuelEconomy.Gov.