The IRS has posted a page listing cars that qualify based on final assembly and what the MSRP price cap is for each car based on if it's a car or SUV.
5 seat Model Y is a car and subject to $55k limit.
7 seat Model Y is an SUV and is subject to a $80k limit.
Ford Mustang Mach E is a car ($55k limit).
VW ID4 is a car ($55k limit) unless it's AWD, then it's an SUV ($80k limit).
This makes absolutely no sense. I would have thought they'd follow EPA's guidance (fueleconomy.gov)
Here's the IRS page:
5 seat Model Y is a car and subject to $55k limit.
7 seat Model Y is an SUV and is subject to a $80k limit.
Ford Mustang Mach E is a car ($55k limit).
VW ID4 is a car ($55k limit) unless it's AWD, then it's an SUV ($80k limit).
This makes absolutely no sense. I would have thought they'd follow EPA's guidance (fueleconomy.gov)
Here's the IRS page:
Credits for new clean vehicles purchased in 2023 or after | Internal Revenue Service
You may qualify for a clean vehicle tax credit up to $7,500 if you buy a new, qualified plug-in electric vehicle or fuel cell electric vehicle.
www.irs.gov