![]() ![]() New means it hasn't previously been purchased, registered, titled, or used for any purpose. Vehicles on this list will meet the above three requirements. Note that fuel cell vehicles do not need to be made by a qualified manufacturer to be eligible. Have a gross vehicle weight rating of less than 14,000 pounds.Have a battery capacity of at least 7 kilowatt hours.You can't apply any excess credit to future tax years. The credit is nonrefundable, so you can't get back more on the credit than you owe in taxes. Any amount excluded from gross income because it was received from sources in Puerto Rico or American Samoa.Any amount on line 45 or line 50 of Form 2555, Foreign Earned Income.Your modified AGI is the amount from line 11 of your Form 1040 plus: ![]() If your modified AGI is below the threshold in one of the two years, you can claim the credit. You can use your modified AGI from the year you take delivery of the vehicle or the year before, whichever is less. $300,000 for married couples filing jointly.In addition, your modified adjusted gross income (AGI) may not exceed: Buy it for your own use, not for resale.The credit is available to individuals and their businesses. A quick guide to the different kinds of hybrids and electric vehicles. ![]()
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