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EV Tax Credits at Sunnyvale Ford
Are you tired of paying for gas and interested in upgrading to a new Ford EV in Northern California, but have questions about the benefits of electric vehicles? Then turn to the knowledgeable team at our Ford dealership near San Jose. When you purchase or lease an electric vehicle or Ford plug-in hybrid model, you may be eligible for California EV tax credits and federal tax incentives.
Many Californians are making the switch to EVs as the brand expands its lineup of eco-friendly models and more electric car charging stations are built nationwide. With options like new Ford Mustang Mach-E SUVs, F-150 Lightning trucks and Escape Plug-In Hybrid models, our dealer has the fuel-efficient vehicles you're searching for. If you have questions about which federal electric car tax incentives or CA electric vehicle tax rebates you may be eligible for, don't hesitate to call Sunnyvale Ford -- your EV and Hybrid superstore.
Who Qualifies for the Federal EV Tax Credit?
The EV tax credit is available to both individuals and their businesses, however, there are requirements for qualifying. These can include:
- You must buy the vehicle for your own use, not for resale
- It must be used primarily in the U.S.
- Your modified adjusted gross income (AGI) may not exceed:
- $300,000 for married couples filing jointly
- $225,000 for heads of households
- $150,000 for all other filers
Please note that the credit is nonrefundable, and you can' apply any extra credit to future tax years
What Is the EV Tax Credit Amount?
Typically, 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.1 However, specifics can include:
For vehicles placed in service January 1 to April 17, 2023:
- $2,500 base amount1
- Plus $417 for a vehicle with at least 7 kilowatt hours of battery capacity1
- Plus $417 for each kilowatt hour of battery capacity beyond 5 kilowatt hours1
- Up to $7,500 total1
For vehicles placed in service April 18, 2023 and after:
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:
- $3,750 if the vehicle meets the critical minerals requirement only
- $3,750 if the vehicle meets the battery components requirement only
- $7,500 if the vehicle meets both
Please note that a vehicle that doesn't meet either requirement will not be eligible for a credit.