Electric Vehicles Eligible for $7,500 Federal Tax Credit

The $7,500 federal tax credit for electric vehicles (EVs) has specific requirements. Qualifying vehicles must be made in the US, have a certain percentage of materials sourced from North America, and have an MSRP under $55,000 for sedans and $80,000 for SUVs. Tesla Model 3 will lose the full credit after 2023, but the Cybertruck will still qualify. The Chevy Bolt EV, Nissan Leaf, and affordable Tesla Model 3 trims will no longer be eligible in 2024.