Which cars will be eligible for the full $7,500 federal tax credit has been a bit of a complicated mystery for months, as the feds finalize their rules and the full effect of the Inflation Reduction Act is felt. On Monday, the Treasury Department released an updated list of models that will be eligible for the $7,500, for cars put in service on or after Tuesday. Just ten models make the cut, but not all variants of them do. Here is a list of the ten that make it.
Before we get to that, though, let’s rehash the rules for qualifying, one of which is that the car must cost below $80,000 if it’s an SUV, truck, or van, and less than $55,000 if it’s a sedan, hatchback, or wagon. That classification is determined by the Environmental Protection Agency. Households of buyers must have an adjusted gross income of $300,000 or less, or $150,000 or less for individuals. The car must be assembled in North America and, for now, at least half of the materials for the battery have to be assembled or produced in the U.S., or in one of its free-trade partners.
Those are the basic outlines, but there are a few more rules, too, all of which you can review on this fact sheet. The qualifying models listed below are those listed by fueleconomy.gov. Without further ado:
