When you first experience the Ford F-150 Lightning, you immediately realize two things. First, they don’t make electric vehicles like they used to, and that’s a good thing. Second, EVs come with some great tax credits these days, so let’s look closer.
What Federal EV Tax Credits Are Available?
EV owners are eligible for a $7,500 tax credit, subject to specific eligibility criteria:
- The electric car, truck, or SUV must be assembled and primarily driven in North America
- At least 50 percent of the battery’s components must be manufactured in North America
- At least 40 percent of the critical minerals must be extracted, processed, or recycled in North America or a country with which the US has a free trade agreement
- Your Adjusted Gross Income (AGI) must be at or below $150,000 (individual), $225,000 (head of household), or $300,000 (married, filing jointly)
- The vehicle’s MSRP must be at or below $55,000 (sedan) or $80,000 (SUV or truck)
- You can claim only one credit per vehicle
- You must retain the vehicle for a set period
What About State Incentives?
Wisconsin does not offer EV tax credits, but you may qualify for other WI state and local EV incentives. Your Saukville Ford dealer can explain these in more depth.
What if I’m Buying a Used EV?
Used EVs may qualify for up to $4,000 in federal tax credits, with slightly different income eligibility requirements:
- Single taxpayers making $75,000 or less
- Head of household making $112,500 or less
- Household filing jointly making $150,000 or less
Plan a Visit to Schmit Bros Ford to Find Your EV
More Ford EVs are in the pipeline, giving you further options to electrify your drive. To learn more about them or the tax credits you may qualify for, visit Schmit Bros Ford. Our team can’t wait to introduce you to the cutting edge of EV tech!