Tax credits for new electric vehicles

Raja Krishnamoorthi highlights a federal tax credit of up to $7,500 for qualifying new electric vehicles. Buyers must meet income limits—modified adjusted gross income below $150,000 for individuals or $300,000 for joint filers—and the vehicle must meet price limits and battery manufacturing and component rules. Starting in 2024, buyers may transfer the credit to a dealer as a point-of-sale rebate to reduce the purchase price.

Context: The page presents the credit rules as of its June 15, 2023 update; it is an in-office constituent information resource, not a campaign statement.

In their own words

Beginning in 2024, taxpayers have the option to transfer this tax credit as a “point of sale rebate”

The source

Raja Krishnamoorthi: official policy priorities

Published: Original date not established; campaign context manually checked
Retrieved: 11/10/2026