Q: Did you know?

A: Starting January 1, 2024, buyers can choose to transfer their new or used clean vehicle credit to a registered dealer in exchange for an equivalent reduction in the purchase price of the vehicle.

Q: Who qualifies?

A: You may qualify for a credit up to $7,500 under Internal Revenue Code Section 30D if you buy a new, qualified plug-in EV or fuel cell electric vehicle (FCV). The Inflation Reduction Act of 2022 changed the rules for this credit for vehicles purchased from 2023 to 2032.

Q: More Questions?

A: Our Fox Motors sales team is here to assist with any questions. You can work directly with your Product Specialist or Finance Manager.

The credit is available to individuals and their businesses.

To qualify, you must:
  • Buy it for your own use, not for resale
  • Use it primarily in the U.S.
In addition, your modified adjusted gross income (AGI) may not exceed:
  • $300,000 for married couples filing jointly
  • $225,000 for heads of households
  • $150,000 for all other filers
You can use your modified AGI from the year you take delivery of the vehicle or the year before, whichever is less. If your modified AGI is below the threshold in 1 of the two years, you can claim the credit.

The credit is nonrefundable, so you can't get back more on the credit than you owe in taxes. You can't apply any excess credit to future tax years. This information along with additional detail can be found at WWW.IRS.GOV/CLEANVEHICLES.
DISCLAIMER: The information on this page should not be viewed as an official or legally binding document. 
Other requirements or exceptions may apply. For more detailed information, please consult an IRS tax representative and/or official IRS publications.