What to know about EV tax credits if you're car shopping in 2023

February 23, 2023

Hearing buzz about a maximum tax credit of up to $7,500 can perk up interest from shoppers who could be eying a new Tesla or Ford Mustang Mach-E in 2023.

But the rules and qualifications are terribly detailed. Not everyone will be able to simply lock in an EV tax credit if you buy a plug-in vehicle or fuel cell vehicle this year or next.

Worse yet, a vehicle that qualifies for an EV tax credit in early 2023 might not qualify later in the year. It's complicated and new Internal Revenue Service guidance to be issued as early as March will determine what vehicles get the credit later this year, based on the sourcing of the critical minerals and components in the battery.

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