CLEAN VEHICLE CREDIT (CVC)

The CVC will replace the old "electric vehicle" credit for vehicles placed in service from 2023. Not every qualified vehicle has the same amount of credit. You may need to check with the dealer the exact credit amount available for the qualified vehicle. The qualified vehicle will come with a report with the buyer's social security number, VIN and credit amount. You will need this report when tax reporting time comes. There are limitations on the amount of credit a taxpayer can be qualified depending on the value of the vehicle and the modified adjusted gross income the taxpayer reported on the tax return of the year when the credit is claimed.

The definition of qualified vehicle was updated by the Inflation Reduction Act of 2022. For more information about vehicles with alternative fuel types including but not limited to electric vehicle and the credit, please visit the Alternative Fuels Data Center provided by the US Department of Energy.