Save up to $8,000 with EV Tax Credits & Rebates
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- Federal Tax Credit for Retail non-cash$4,000Restrictions:
Beginning January 1, 2023 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.
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
- State Rebate for Retail$4,000Restrictions:
The Illinois Environmental Protection Agency offers up to $4,000 through the Electric Vehicle Rebate Program for the purchase of a qualifying battery electric vehicle. Leased vehicles are not eligible. Program may be concluded earlier based on funding availability. To qualify:
- Applicants must submit an application during an open rebate cycle within 90 days of purchase.
- May only be applied for and awarded once per purchaser in a 10 year period.
- Must be an Illinois resident.
- Must retain ownership of the vehicle for a minimum of 12 consecutive months immediately after the vehicle purchase date.
- Vehicle must be registered in Illinois.
- Must be purchased from a dealer located in Illinois and licensed by the Illinois Secretary of State.
To learn more, visit https://epa.illinois.gov/topics/ceja/electric-vehicle-rebates.html
* Delivery of any kind does not apply to Alaska and Hawaii. Contact the dealer for delivery details, restrictions and costs.