Fewer Vehicles Qualify for Federal Tax Credits in 2024

Despite new rules, many electric and plug-in hybrid models remain eligible for at least a portion of the full tax credit.

Starting from 2024, fewer vehicles are now eligible for federal tax credits, and even fewer are eligible for the maximum $7,500 credit.
Many electric and plug-in hybrid models are still eligible for at least a portion of the full tax credit.
Consumers can now get the tax credit applied to the purchase price of the vehicle at the time they buy it, rather than having to wait until they file their taxes.
If you lease, rather than purchase the vehicle, you can still enjoy the benefit of the tax credit even on vehicles that would not otherwise qualify.
Many states and even municipalities also offer their own incentives for electric vehicles and for the installation of home EV chargers.