The credit is nonrefundable, so consumers can’t get back more on the credit than they owe in taxes, and they can’t apply any excess credit to future tax years. The amount of the credit depends on when the customer takes delivery (vehicle was placed in service), regardless of purchase date. For vehicles placed in service between January 1 and April 17, 2023: Customers are eligible for a base amount of $2,500 base amount, plug $417 for a vehicle with at least 7 kilowatt hours of battery capacity and another $417 for each kilowatt hour of battery capacity beyond 5 kilowatt hours, up to a maximum of $7,500. For vehicles placed in service April 18, 2023, and after: Vehicles will have to meet all of the same criteria, plus meet new critical mineral and battery component requirements for a credit up to: • $3,750 if the vehicle meets the critical minerals requirement only. • $3,750 if the vehicle meets the battery components requirement only. • $7,500 if the vehicle meets both. A vehicle that doesn’t meet either requirement will not be eligible for a credit. HOW TO DETERMINE WHAT ELECTRIC VEHICLES QUALIFY In order to be eligible for the clean vehicle tax credit, the vehicle’s manufacturer suggested retail price (MSRP) cannot exceed $80,000 for vans, sport utility vehicles and pickup trucks or $55,000 for all other vehicles. There are a wide variety of additional factors (e.g., manufacturer, where vehicle’s final assembly occurred, critical mineral and battery component requirements, battery capacity, gross vehicle weight, etc.) that impact vehicle eligibility. Dealers can find a specific vehicle’s weight, battery capacity, final assembly location (listed as “final assembly point”) and VIN on the vehicle’s window sticker and use this information to search fueleconomy.gov to determine if that specific vehicle is eligible for the new clean vehicle credit. Please call NJ CAR headquarters at (609) 883-5056 if you have any questions regarding the clean vehicle tax credit. IRS NEW AND USED CLEAN VEHICLE TIME‑OF‑SALE REPORTING USER GUIDE https://www.irs.gov/pub/irs-pdf/p5867a.pdf IRS FAQs FOR THE DEALER AND SELLER ENERGY CREDITS ONLINE REGISTRATION https://www.irs.gov/credits-deductions/frequently-asked-questionsfor-the-dealer-and-seller-energy-credits-online-registration IRS IMPORTANT INFORMATION FOR CONSUMERS TRANSFERRING CLEAN VEHICLE TAX CREDITS https://www.irs.gov/pub/irs-pdf/p5900.pdf IRS CLEAN VEHICLE CREDIT TRANSFER: INFORMATION YOU NEED TO PROVIDE TO THE REGISTERED DEALER https://www.irs.gov/pub/irs-pdf/p5899.pdf 11 new jersey auto retailer
RkJQdWJsaXNoZXIy MTg3NDExNQ==