Ford Electric Vehicle Tax Credit Information for 2023
When you consider all the advantages and benefits of driving an EV, it’s certainly easy to see why more and more drivers are considering making the switch to an electric vehicle. Whether it’s the instantaneous acceleration, zero-emission impact on the environment, or spending less time and money at the gas station – EVs continue to grow in popularity. However, there is another key perk that comes from making the switch to a Ford EV.
All three of the current Ford EVs and its plug-in hybrid models are eligible for Inflation Reduction Act federal tax credits*. These savings make the already-impressive value of a Ford electrified vehicle even more attractive. Sarchione Ford of Randolph has assembled this helpful reference guide that lists the current EV tax credits along with their availability by model. Let’s get started!
Current Ford EV & PHEV Tax Credits
EVs
Plug-In Hybrids
For any eligible customers who take delivery of a Ford EV prior to April 18, 2023 the eligibility amount will be $7,500. All of these consumer incentives require the vehicle MSRP be at or below $80,000, and that the purchaser must meet certain income limits. Every one of these vehicles is assembled in North America, which is another requirement for the consumer tax incentive*.
As an alternative to the consumer incentive, commercial customers are eligible for commercial tax incentives of as much as $7,500 on all these vehicles*.
Our team at Sarchione Ford of Randolph is standing by to help you choose the right Ford EV or PHEV for your lifestyle and provide you with the latest information surrounding available federal tax credits and other incentives.
*The information above does not constitute tax planning advice, as individual tax situations may vary. The information presented was accurate at time of publishing. Federal rules and tax guidelines are subject to change. Consult your tax advisor for complete details on rules applicable to individual tax situations.