Electric Vehicle (EV) and Fuel Cell Electric Vehicle (FCEV) Tax Credit
Beginning July 1, 2023, qualified EV and FCEV purchasers may apply for an excise tax credit of up to $3,000. The tax credit is first-come, first-served, and is limited to one vehicle per individual and 10 vehicles per business entity. Qualified vehicles must meet the following criteria:
- Have a total purchase price not exceeding $50,000;
- Be propelled to a significant extent by an electric motor that draws electricity from a battery with a capacity of at least 4 kilowatt-hours;
- Have not been modified from original manufacturer specifications; and
- Be purchased and titled for the first time between July 1, 2023, and July 1, 2027.
Additional restrictions apply.