Electric Vehicle Tax Credits

Vehicle Tax Credits for Ford Electric Vehicles

Owning an electric vehicle is more attainable than ever due to lowering prices and available federal tax incentives. With the Inflation Reduction Act of 2022, new rules apply to Ford electric vehicle models. When in doubt, you can check the VIN on the IRS website to see how much the incentive is for a particular vehicle. On your next tax return, you could get up to $7,500 back on a new Ford Mustang Mach-E or Ford F-150 Lightning!

Who Qualifies for an Electric Vehicle Tax Credit

Drivers in New Mexico who buy a new plug-in electric vehicle or all-electric vehicle for personal use in the United States qualify for the Electric Vehicle Tax Credit. There is also an adjusted gross income limit to qualify, which is no more than $300,000 for married filing jointly, $225,000 for heads of households, and $150,000 for all other filers. Finding a vehicle that qualifies is the next step if you meet all the qualifying criteria.

Which Ford Electric Vehicles Qualify for the Tax Credit?

To qualify for the electric vehicle tax incentives, there are some minimum assembly and price requirements. A vehicle must have completed final assembly in North America, and the MSRP can't be more than $80,000 for vans, SUVs, and pickup trucks or $55,000 for other vehicles. Thankfully, several Ford electric vehicle options meet the criteria:

  • 2022 or 2023 Ford Escape Plug-In Hybrid
  • 2022 or 2023 Ford F-150 Lightning
  • 2022 or 2023 Ford Mustang Mach-E
  • 2022 or 2023 Ford E-Transit

How to Claim the Electric Vehicle Tax Credit

To claim the tax credit, you'll need to file IRS Form 8936 when you file your tax return for the applicable tax year. You'll need your vehicle's VIN to complete the form and get proper credit. It's important to consult with your tax preparation services for more information on how to file.

Find Ford Electric Vehicles at Hatch Ford

Get your new Ford electric vehicle or plug-in hybrid at Hatch Ford to take advantage of the current tax incentives. The incentives are only good for this year, so contact our experts if you are interested in a new model. Get money back and reduce your overall cost to own an electrified vehicle while transitioning to a gas-free lifestyle.

  1. Hatch Ford

    1235 U.S. 180 East
    Silver City, NM 88061

    • Sales: (575) 388-1818
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