What Are the Recent Updates to the Federal EV Tax Credit and Home Charger Incentives That I Should Know?
Federal programs promoting electric vehicle ownership are changing. The Clean Vehicle Credit, offering up to $7,500 in federal tax savings, is set to expire on September 30, 2025, unless extended. The home EV charger installation credit will expire on June 30, 2026. If you’re considering buying an EV or installing a charger in Lincoln, NE, understanding these deadlines is crucial.
How Is the Federal EV Tax Credit Calculated, and What Determines the Amount I May Receive?
The federal tax credit can total up to $7,500, divided into two equal parts:
- $3,750 if the vehicle meets critical mineral sourcing requirements
- $3,750 if the vehicle meets battery component sourcing requirements
Vehicles meeting only one requirement qualify for a partial credit of $3,750. Vehicles meeting neither do not qualify.
What Vehicle Criteria Must Be Met to Qualify for This Tax Credit?
To qualify, a vehicle must:
- Be new
- Have a battery capacity of at least 7 kilowatt-hours
- Weigh less than 14,000 pounds
- Have final assembly in North America
- Be manufactured by a qualified company
Price limits apply as well:
- $80,000 MSRP cap for vans, SUVs, and pickup trucks
- $55,000 MSRP cap for other vehicles
Dealerships must report buyer information to the IRS to validate eligibility.
When Are These Federal EV Incentives Scheduled to Expire, and Could They Be Extended?
The Clean Vehicle Credit is set to expire on September 30, 2025, while the home charger credit will end on June 30, 2026. Although Congress could extend these programs, these deadlines should be treated as firm for planning.
What Should I Do If I’m Planning to Purchase an EV in Lincoln, NE?
If you’re considering an EV, confirm that the model qualifies by checking the IRS list or contacting BMW of Lincoln. Acting before the credits expire will help you maximize your savings.
How Can BMW of Lincoln Assist Me in Navigating EV Tax Credits and Incentives?
The team at BMW of Lincoln is ready to help you understand the current tax credits and eligibility rules. Whether you’re interested in BMW’s electric lineup or need help with incentives, we provide expert guidance.
How Do I Contact BMW of Lincoln for More Information or to Begin My EV Purchase?
Contact BMW of Lincoln in Lincoln, NE today for personalized assistance with EV tax credits, eligible vehicles, and charging options. We’re here to help you make the most of federal incentives.