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Here are all the used EVs that qualify for a $4,000 tax credit

Baua Electric

4 (all models) (2021- 2022 ) $4,000 VOLVO C40 (2022) $4,000 XC40 Recharge (2021- 2022 ) $4,000 Last updated 1/23/2024, most recent changes in bold The Audi Q5 TFSI e Quattro. As always, we recommend speaking with a tax professional and EV dealer directly in order to ensure what you and your new vehicle qualify for.

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Fixing the Federal EV Tax Credit Flaws: Redesigning the Vehicle Credit Formula

EV Adoption

The current formula, which was presumably conceived in 2009 before it went into effect in 2010, was at a time when battery technology and efficiency was not what it is in 2021. And the Volvo XC40 Recharge with 208 miles of range would have a credit amount of $6,420 due to its low BEV efficiency calculation of only 2.67. miles/kWh.