Please be advised, funding for the one-time excise tax credit for a qualifying plug-in electric or fuel electric vehicle will be available as of July 1, 2023 (Fiscal Year 2024). See requirements below.
If you have any questions, please contact us.
You may be eligible for a one-time excise tax credit, up to $3,000, when you purchase a qualifying zero-emission plug-in electric or fuel cell electric vehicle. Effective July 1, 2023 through June 30, 2027, an individual may be entitled to receive an excise tax credit on a qualifying zero-emission plug-in electric or fuel cell electric vehicle regardless of whether you own or lease the vehicle. Business entities may also qualify for the tax credit on up to ten vehicles.
Subject to available funding, a credit is allowed for the purchase of a zero-emission plug-in electric or fuel cell electric vehicle. The credit may not exceed $3,000.
The criteria for a qualifying zero-emission plug-in electric or fuel cell electric vehicles are as follows:
- The vehicle must be made by a manufacturer primarily for use on public streets, roads, and highways.
- The vehicle cannot be modified from the manufacturer's specifications.
- The vehicle must be a new vehicle and purchased and titled for the first time on or after July 1, 2023, but before July 1, 2027.
- The vehicle must be acquired for use or lease by the taxpayer, and not for resale.
- The vehicle has a battery capacity of at least 5 kilowatt-hours, or if a motorcycle or auto cycle, has a battery capacity of at least 4.0 kilowatt-hours (applies only to plug-in electric)
- The vehicle has a base purchase price not exceeding $50,000.
The credit allowed is:
- $1,000 for a 2-wheeled, zero emission plug in electric drive or fuel cell electric motorcycle.
- $2,000 for a 3-wheeled, zero emission plug in electric drive or fuel cell electric motorcycle.
- $3,000 for a zero-emission plug in electric drive or fuel cell electric vehicle.
Note: The Base Purchase Price for the vehicle is the prominent price displayed on the window sticker of the vehicle. The base purchase price is the price before options and does not include optional upgrades, shipping charges, taxes, fees, or calculation of a trade-in allowance.
Form in English and Spanish:
- Excise Tax Request for a Plug-in Electric Vehicle or Fuel Cell Electric Vehicle (VR-334)
- Solicitud de Crédito de Impuestos al Consumo para Vehículos con Enchufe Eléctrico o a Pila de Combustible (VR-334S)
Tax credit requests received are subject to the availability of funding and will be calculated accordingly.
EV Tax Credit FAQ