What you need to know to qualify for an Electric Vehicle Tax Credit

Are you planning to buy a new electric vehicle? Here's what you need to know to qualify for an Electric Vehicle Tax Credit:
The Electric Vehicle (EV) tax credit is a financial incentive provided by various governments to encourage the adoption of electric vehicles.
The purpose of this credit is to promote the use of clean, zero-emission vehicles and reduce dependence on fossil fuels.
To qualify for an Electric Vehicle (EV) tax credit, you need to meet certain criteria:
Meet Battery Capacity Requirements: The amount of the tax credit often depends on the size of the vehicle's battery. Generally, vehicles with larger battery capacities receive higher credits.
Meet Critical Minerals Requirement: This states that a certain percentage of critical minerals must be processed within the U.S. or within a country with whom the U.S. has an agreement with.
The electric vehicle tax credit is designed to make electric vehicles more affordable and attractive to potential buyers, offsetting the higher upfront cost of EVs compared to traditional gasoline-powered vehicles. By providing this financial incentive, governments aim to accelerate the transition to cleaner and more sustainable transportation options.

[@davehoward3645]

Missed important detail. Can also use prior years income if it was lower than the 300k

[@taxesshmaxes]

Great point @davehoward3645 - you can use your modified AGI from the year you take delivery of the vehicle or the year before, whichever is less.