EV Tax Credit & Eligible Ford Models
EV Tax Credit at Bob Moore Ford
Due to recent changes in the Inflation Reduction Act of 2022, the Electric Vehicle (EV) Tax Credit now includes multiple eligible Ford models. This tax credit was created to incentivize the adoption of electric vehicles by drivers and manufacturers in the U.S. This is great news for current and prospective Ford EV owners as they may qualify for credit in the following tax year. At Bob Moore Ford, our team wants to help you understand this tax credit before buying your new Ford.
What is the EV Tax Credit?
The EV Tax Credit is an incentive available to individuals and businesses that allows drivers to earn credit for their choice to drive an electric vehicle. For drivers to qualify, the vehicle must operate for your use, not resale, and you must also use the vehicle primarily in the U.S. In addition, your modified adjusted gross income (AGI) may not exceed the following:
- $300,000 for married couples filing jointlyÂ
- $225,000 for heads of households
- $150,000 for all other filers
It’s essential to keep in mind that this credit is non-refundable, meaning it can only lower your tax liability to zero. Any remaining amount will not be refunded but will reduce your tax liability the following year.
Ford Models Eligible for EV Tax Credit
Several Ford models available at Bob Moore Ford qualify for the EV Tax Credit. These models include the following:
- 2022 Ford F-150 Lightning (Credit Amount – $7,500)
- 2023 Ford F-150 Lightning (Credit Amount – $7,500)Â
- 2022 Ford Mustang Mach-E (Credit Amount – $3,750)
- 2023 Ford Mustang Mach-E (Credit Amount – $3,750)
- 2022 Escape Plug-in Hybrid (Credit Amount – $3,750)
- 2023 Escape Plug-in Hybrid (Credit Amount – $3,750)
- 2022 Ford E-Transit (Credit Amount – $3,750)
- 2023 Ford E-Transit (Credit Amount – $3,750)
Claiming Your EV Tax Credit
To claim the EV tax credit, you must fill out the IRS Form 8936 and include it with your federal tax return. This form will require information about the vehicle, including the make, model, and battery capacity. Our team at Bob Moore Ford highly recommends all drivers consult with a tax professional to ensure they receive the total amount when filing their taxes.
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