Electric Vehicle Tax Credits going, going, gone.

As the federal mandate requires automobile manufacturers to have half their new car production be alternative fuel=Electric battery by 2030, the current $7500.00* is almost extinct in 2022. Just a handful of new 100% electric models are eligible, with the focus on new releases: Ford Mach-e and new car companies: Rivian, Lucid, Lordstown and Karma.

Tesla has phased out of the tax credit program.  Toyota and Honda too, with the exception of a few new models in limited supply.  The all electric Porsche Taycan, Audi eTron and Lexus NX-e are still eligible, if you can get one this year.

Tax Credits for $100k cars?

With the exception of the Mach-e starting at $50,000. The other models are easily in the higher-end of $85,000.00 entry point. Longer range batteries, 600 miles for the Lucid Air Premium, cost more…

The Parallel hybrid Karma Revero gets a mere 32 range before switching to gas, but it is beautiful, and fast.  Future GS models promise 500+ miles to a charge.  Price $ 150,000.00

TAX credits for Electric Vehicle’s,  going the way of ICE’s.

Here’s how it breaks down for 2022: IRS MODEL LIST and KWH PLUG-in FORMULA.

The Kia and Hyundai still have some decent credits for their new releases: Ioniq 5 and Sorento EV.  The Porsche, Audi, Bentley, BMW and MB also bring in the top tier.

Whatever your car budget, don’t expect the taxman to give you much of a tax break after 2022.

The Electric revolution is on and incentives to be an early adopter are soon to be over.

Get your Plug-in now, if you can find one.