headquarters in Irvine, California, US, on Wednesday, July 5, 2023. CEO RJ Scaringe said the company's supply chain is"healthy" and keeping up with production. Photographer: Alisha Jucevic/BloombergFor purposes of the credit, sellers are required to report your name and taxpayer ID to the IRS, as well as additional information such as the vehicle identification number and battery capacity.
As with the EV credit for new cars, the credit is nonrefundable, and you can't apply any excess credit to future tax years. Additionally, this credit applies to vehicles purchased in 2023 or later—purchases made before 2023 don't qualify. Income restrictions apply here, too. Your modified adjusted gross income may not exceed $150,000 for married filing jointly . As with the EV credit for new cars, you can use your modified AGI from the year you take delivery of the vehicle or the year before, whichever is less.