New BMW EV Tax Credits in Massachusetts
Of the many benefits drivers can enjoy when they upgrade to an electric vehicle, saving money with EV tax credits is one of the most alluring. When you buy an electric BMW or another EV from our BMW dealership in Medford, you have the opportunity to claim Massachusetts and federal EV tax credits.
What are the current EV tax credits? Read on to learn more and be sure to visit BMW Certified Pre-Owned Medford to get behind the wheel of the electric vehicle you've been eyeing.
Who Qualifies for the Federal EV Tax Credit?
The EV tax credit is available to both individuals as well as businesses. However, there are requirements for qualifying, which include:
- You must buy the vehicle for your own use, not for resale
- It must be used primarily in the U.S.
- Your modified adjusted gross income (AGI) may not exceed:
- $300,000 for married couples filing jointly
- $225,000 for heads of households
- $150,000 for all other filers
What Is the EV Tax Credit Amount?
Vehicles placed into service after April 18, 2023, are eligible for:
- $3,750 if the vehicle meets the critical minerals requirement only1
- $3,750 if the vehicle meets the battery components requirement only1
- $7,500 if the vehicle meets both requirements1
Does Massachusetts Offer EV Tax Credits?
Yes! Those who buy an EV in Massachusetts can qualify for a tax credit valued between $3,500 and $6,000. This is available through the Massachusetts Offers Rebates for Electric Vehicles (MORE-EV) program.
How Do Vehicles Qualify for the Federal EV Tax Credit?
In order to qualify for the federal EV tax credit, the vehicle must meet the following eligibility requirements:
- Have a battery capacity of at least 7 kilowatt hours
- Have a gross vehicle weight rating of less than 14,000 pounds
- Be manufactured by a qualified manufacturer
- Undergo final assembly in North America
- Meet critical mineral and battery component requirements
Additionally, the sale only qualifies if:
- You buy the vehicle new
- The seller reports required information to you at the time of sale and to the IRS
- Sellers report your name and taxpayer identification number to the IRS for you to be eligible to claim the credit
In addition, the vehicle's manufacturer suggested retail price (MSRP) can't exceed:
- $80,000 for vans, sport utility vehicles and pickup trucks
- $55,000 for other vehicles
Which Electric Vehicles Are Eligible for EV Tax Credits?
Most new electric cars and plug-in hybrids can be eligible for EV tax credits. As part of The Herb Chambers Companies, we have access to the largest inventory of new and used vehicles in New England, allowing us to easily find you the EV you'd like to purchase. Call or click to speak with a Herb Chambers EV expert and learn more about available tax credits and how to save when you buy a qualifying electric BMW in Massachusetts from our dealership.
Learn More: Fuel Economy Information
1 Information listed here is accurate at time of publishing. Tax credits are subject to change.