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Only the original buyer/owner is qualified for the tax credit, and the credit is non-transferable.

A qualified vehicle is only eligible for the federal tax credit once in its life.

The vehicle can have a maximum gross vehicle weight rating of 14,000 pounds.

It should rely on an electric motor for propulsion, have an onboard battery with a minimum capacity of 4 kWh, and be able to draw electricity from an external power source (a conventional hybrid vehicle does not qualify based on these criteria).

The vehicle must be a plug-in electric car.

It cannot be a home-built unit or a kit car.

The vehicle must come from a manufacturer and be purchased new.

There are several rules and requirements for a vehicle to qualify for the federal tax credit. Tesla, however, having surpassed sales of 600,000, will likely not see the tax credits again.

The threefold increase would also allow General Motors to regain the credit for its new EV buyers. Recent legislation under the Biden administration could raise the 200,000-unit ceiling to 600,000 units, which would allow many automakers to remain eligible for the tax credit into the foreseeable future. They no longer benefit from the federal incentive program. Beyond that point, all models sold by that manufacturer become ineligible for the tax credit.Ĭurrently, the only two automakers that have reached the 200,000-units milestone are Tesla and General Motors. The program is structured so that when a car company sells 200,000 eligible EVs, its tax credit begins to phase out in the second calendar quarter after crossing this threshold. Overall, the federal tax credit program’s availability varies by automaker, depending on the total number of electric vehicles a manufacturer has sold.