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Tax Credit for New Off-Road Electric Vehicles

This new law introduces a tax credit for individuals purchasing new off-road electric vehicles. The aim is to encourage the adoption of more environmentally friendly vehicles for non-public road use, potentially leading to savings for buyers.
Key points
You can receive a tax credit of up to $2,500 or 10% of the cost, whichever is less, for a new off-road plug-in electric vehicle.
The credit applies to electric vehicles weighing less than 3,500 pounds, with three or more wheels, designed primarily for rough terrain and off-public road use.
These changes apply to vehicles acquired after December 31, 2023.
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Additional Information
Print number: 118_HR_5656
Sponsor: Rep. Phillips, Dean [D-MN-3]
Process start date: 2023-09-21