Developed by: Inflation Reduction Act
Federal Agency: Department of the Treasury
Consumer Tax Credit
Description: To provide a tax credit for purchasers of pre-owned clean vehicles
Recipients: Tax credit is not available for consumers who have adjusted gross incomes for the current or preceding year above $150,000 (couples), $112,500 (heads of household), $75,000 (singles). Individuals can claim only once per three years. Vehicles must be sold by a dealer; the sale price must be $25,000 or less; and it can only be claimed once per vehicle.
Timing: Generally, vehicles placed in service in 2023-2032.
- Base Credit Amount: The lesser of $4,000 or 30% of sale price
- Bonus Credit Amount: None
More information: Request for Comments