Used Clean Vehicle Tax Credit Ohio

Used Clean Vehicle Tax Credit Ohio
Under the provisions of the Inflation Reduction Act, Congress has reenacted the EV tax credit, now termed the Clean Vehicle Credit, featuring several improvements. This replaces the lengthier Plug-In Electric Drive Motor Vehicle Credit. Effective January 1, 2023, individuals purchasing qualified used electric or fuel cell vehicles priced at $25,000 or below from authorized dealers may now qualify for a used clean vehicle tax credit. Formerly known as the previously owned clean vehicle credit, this credit amounts to 30% of the purchase price, capped at a maximum of $4,000.
Who Qualifies for the Used Clean Vehicle Tax Credit?
Eligibility for the Used Clean Vehicle Tax Credit is possible if you've purchased a qualified, previously owned plug-in electric vehicle or fuel cell vehicle, encompassing both cars and light trucks, as outlined in Internal Revenue Code Section 25E. To meet the criteria, you must be an individual who acquired the vehicle for personal use rather than for resale, and you must not be its original owner. Furthermore, your modified adjusted gross income must not surpass $150,000 if filing jointly as a married couple or a surviving spouse or $112,500 if you're a head of household. For all other filers, this threshold is set at $75,000.
What kind of Vehicles Qualified for the Used Clean Vehicle Tax Credit?
The vehicle must cost at most $25,000 to meet the criteria. Additionally, its model year must be at least two years before the calendar year of purchase. For instance, if you're buying a vehicle in 2023, its model year should be 2021 or older. The vehicle should be categorized as an FCV or a plug-in EV featuring a battery capacity of no less than 7-kilowatt hours. Furthermore, its gross vehicle weight rating should be at most 14,000 pounds. The Jeep Grand Cherokee 4xe and the Wrangler 4xe are perfect examples of qualifying PHEVs, and the Ram 1500 REV is a qualifying BEV.
Is it Easy to Keep an Electric Vehicle Charged?
Envision a world where you no longer need to make pit stops at gas stations. Instead, picture having an inexhaustible fuel source right at home or wherever you typically park. This is the actuality for numerous electric car users. Entirely electric vehicles operate without any reliance on gas, and plug-in hybrids might avoid using gas during short journeys. Battery electric vehicles (BEVs) eliminate the need for gasoline, while plug-in hybrids can often complete short journeys without relying on gasoline. Charging electric cars is straightforward, budget-friendly, and hassle-free, especially when connected to your home charging station—allowing you to replenish your vehicle's energy while you rest.
What are the Advantages of Owning an EV?
Electric vehicles exhibit significantly higher efficiency and generate zero emissions than gasoline-powered vehicles. Opting for electric vehicles contributes to environmental preservation while enjoying fuel cost savings. And the benefits extend further: electric vehicles entail lower maintenance expenses than gasoline counterparts, translating into even greater long-term savings. Electric vehicles (EVs) also play a pivotal role in reducing these emissions. They stand out as the most ecologically conscious choice accessible. Battery EVs do not contribute to greenhouse gas (GHG) emissions within on-road transportation. Moreover, EVs do not release additional pollutants, such as smog, linked to conventional vehicle exhaust.
Head to Rouen CDJR to learn more about the Used Clean Vehicle Tax Credit!
Situated at 1091 Fremont Pike Rt 20 in Woodville, Ohio, Rouen Chrysler Jeep Dodge Ram takes immense pride in our attentive staff, and we are committed to ensuring that your car-buying journey surpasses all expectations. Our dealership, recognized for its accolades, is a comprehensive destination for all your automotive requirements. Since 1986, our approachable team has been readily available to address any inquiries you may have, whether they pertain to our diverse array of vehicles or our financing options and incentives. Recognizing that the decision to purchase a new car, SUV, or truck is significant, we are dedicated to ensuring your satisfaction with your chosen vehicle and financing arrangement. We're here to provide answers to your queries, so please don't hesitate to get in touch with us today!
May not represent actual vehicle. (Options, colors, trim and body style may vary)
Max payload/towing estimate ratings shown. Additional options, equipment, passengers, and cargo weight may affect payload/towing weights. See dealer for details.