2023 BMW iX Review

Under the Inflation Reduction Act of 2022, the Internal Revenue Service (IRS) offers taxpayers a Used Clean Vehicle Tax Credit equal to 30% of the sale price up to a maximum credit of $4,000 for the purchase of a used plug-in electric or hydrogen fuel cell vehicle. Beginning January 1, 2024, Clean Vehicle Tax Credits may be initiated and approved at the point of sale at participating dealerships registered with the IRS. Dealers will be responsible for submitting Clean Vehicle Tax Credit information to the IRS. Buyers are advised to obtain a copy of an IRS "time of sale" report, confirming it was submitted successfully by the dealer. Not every version of the vehicle models will necessarily qualify. Please check with the dealer/seller to determine the eligibility of your specific vehicle.

For the vehicle to qualify:

• Price cannot exceed $25,000.
• Need to verify the Vehicle Identification Number (VIN).
• Must be at least two model years older than the current calendar year in which the vehicle was purchased.
• Must be sold through a dealership, private sales not permitted.
• Not have already been transferred after August 16, 2022, to a qualified buyer.

For individuals to qualify:

• Must meet income eligibility, depending on modified adjusted gross income (AGI) and tax filing status.
• Must not be the first owner of the qualifying vehicle.
• Has not been allowed a credit under this section for any sale during the 3-year period ending on the date of the sale of such vehicle.
• Purchased for personal use, not a business, corporation or for resale.

To learn more, visit https://www.irs.gov/credits-deductions/used-clean-vehicle-credit

The Department of Environmental Protection (DEP) through the Alternative Fuel Vehicle (AFV) Rebate program offers income-qualified residents a standard rebate of $3,000, or a total of $4,000 (which includes the additional rebate for eligible low-income applicants). Offer available towards the purchase of an eligible used battery electric vehicle. Not available for leasing. To qualify:

• Final purchase price of vehicle must be $45,000 or less.
• One-time pre-owned vehicle must be a maximum of 7 years old with an odometer reading of 75,000 miles or less.
• Purchase must be from a retail location or online retail service (no private sales allowed).
• Vehicle must have a valid Pennsylvania registration.

Additional information:

• For the $3,000 standard rebate, Pennsylvania residents must have a total household income below 300 percent of the Federal Income Poverty level as defined by the U.S. Department of Health and Human Services.
• For the $4,000 (standard rebate combined with the additional rebate), Pennsylvania residents must have a total household income below 150 percent of the Federal Income Poverty level, as defined by the U.S. Department of Health and Human Services.

To learn more and apply, visit https://www.pa.gov/agencies/dep/programs-and-services/grants-loans-rebates/alternative-fuel-vehicle-rebates-for-consumers.html