The Inflation Reduction Act made significant changes to the existing Plug-in Electric Vehicle Credit by introducing price and AGI limitations, requiring vehicles to be assembled in North America, and introducing a new credit for buyers of used vehicles.

This video presents the details of the credit for both new and used vehicles, which vehicles qualify, and which purchasers qualify.

0:00 Introduction
1:28 The Clean Vehicle Credit for New Vehicles
3:58 The Clean Vehicle Credit for Used Vehicles
5:15 Purchase Requirements and Claiming the Credit
5:49 Conclusion

To see the video on the original Plug-In Electric Vehicle Credit, click here:    • Do you qualify for the Federal Plug-i...  

For more information on the Inflation Reduction Act, which created the new Credit, click here:    • Alert! How the Inflation Reduction Ac...  

To see how much more complicated the new Credit is vs. the old Credit, click here:    • Why are Taxes So Complicated? (100th ...  

For additional videos on EV ownership, check out these two channels:

@agingwheels
@TechnologyConnections

Additional Resources and Information:

Internal Revenue Service: "Credits for New Clean Vehicles Purchased in 2023 or After": https://www.irs.gov/credits-deduction...

Internal Revenue Service: "Used Clean Vehicle Credit": https://irs.gov/credits-deductions/us...

U.S. Dept. or Energy/Environmental Protection Agency: "Federal Tax Credits for Plug-in Electric and Fuel Cell Electric Vehicles Purchased in 2023 or After": https://fueleconomy.gov/feg/tax2023.s...

nerdwallet.com: "EV Tax Credit 2023: Rules and Qualifications for Electric Vehicle Purchases": https://www.nerdwallet.com/article/ta...

The Tax Geek on Twitter: www.twitter.com@taxgeekusa

The Tax Geek on Reddit: www.reddit.com/r/askataxgeek

Image/Video Sources:

Storyblocks.com
Pexels.com
Wikimedia Commons (CC-SA 4.0)
Mariordo
Smnt
Vyacheslav Bukharov

No artificial intelligence was used to research, write, animate, voice, or edit this video

Company logos depicted in this video are the intellectual property of their respective owners, are shown for illustrative purposes only, and do not imply any sponsorship or endorsement.

Vehicles illustrated in this video may not necessarily qualify for the Credit, and are shown for illustrative purposes only.

Intro Music: "Bluesy Vibes" - Doug Maxwell - YouTube Audio Library

Outro Music: "Modern Attempt" - Track Tribe via YouTube Audio Library

DISCLAIMER: This video is for educational and informational purposes only. It is not intended to render tax advice or financial advice for individual situations. If you have questions regarding your particular situation, please consult with a qualified tax or financial professional.

The information in this video is current as of date of publication, and is subject to changes.