24 Aug New Vehicles Added for Plug-in Vehicle Credit
IRC Sec. 30D(a) provides a credit to the purchaser of a qualified plug-in electric drive motor vehicle, including passenger vehicles and light trucks. The credit allowed is equal to $2,500 plus an additional amount, based on battery capacity, that cannot exceed $5,000. The credit phases out over six calendar quarters beginning when a manufacturer has sold at least 200,000 qualifying vehicles in the U.S.
Recently, the IRS added the following models to its list of vehicles eligible for a $7,500 credit:
- 2022 Audi e-tron
- Audi e-tron Sportback
- Audi A7 TFSI e Quattro
- Audi Q5 TFSI e Quattro
Eligible for a $5,836 credit:
- 2022 BMW 330e
- BMW 330e xDrive
- BMW 530e
- BMW 530e xDrive
- BMW 745e xDrive
Eligible for a $6,534 credit:
- 2022 Lincoln Aviator Grand Touring
For a full list of vehicles, see www.irs.gov/businesses/irc-30d-new-qualified-plug-in-electric-drive-motor-vehicle-credit.
Copyright © 2021 Thomson Reuters/PPC. All rights reserved.