---
title: 2024 Electric Vehicle (EV) Credit Changes
description: Changes for 2024 EV Credits
---

[Seghetti News & Updates](https://blog.seghettiwaxler.com/news-updates)

# [2024 Electric Vehicle (EV) Credit Changes](https://blog.seghettiwaxler.com/news-updates/2024-ev-updates)

 Written by [Thomas Castillo, CPA](https://blog.seghettiwaxler.com/news-updates/author/thomas-castillo-cpa) | Jan 15, 2025 9:27:55 PM

2024 (tax season 2025) brings about some changes for those looking to claim the Clean Vehicle Credit. See below for new details.

### Bullet Point Summary

- **Form 15400**: Required to claim Clean Vehicle and Previously Owned Clean Vehicle Credits.
- **Clean Vehicle Credit (Individuals)**: Up to $7,500 for eligible new EVs and PHEVs.
- **Previously Owned Clean Vehicle Credit (Individuals)**: Up to $4,000 for eligible used EVs and PHEVs.
- **Commercial Clean Vehicle Credit (Businesses)**: Up to $40,000 for vehicles meeting commercial use criteria.
- **Eligibility**: Depends on income limits, vehicle type, price caps, and usage requirements.
- **MAGI Flexibility**: Taxpayers can use MAGI from the current or previous tax year to qualify.
- **Filing**: Individuals attach Form 15400 to Form 1040; businesses file it with their corporate or partnership returns.

### Key Details About Form 15400

- **Purpose:** Form 15400 is used to claim the Clean Vehicle Credit or the Previously Owned Clean Vehicle Credit.
- **Credits Overview:** 
    - **Clean Vehicle Credit:** For individual taxpayers purchasing new electric or plug-in hybrid vehicles. Maximum credit: **$7,500**.
    - **Previously Owned Clean Vehicle Credit:** For individuals purchasing eligible used EVs or PHEVs. Maximum credit: **$4,000** or 30% of the sale price (whichever is less).
    - **Commercial Clean Vehicle Credit:** For businesses purchasing vehicles for commercial purposes. Maximum credit: **$40,000** based on vehicle weight and classification.
- **Required Information for Form 15400:** 
    - Vehicle Identification Number (VIN).
    - Vehicle make, model, and year.
    - Certification from the manufacturer confirming eligibility.
    - Purchase documentation, including date and price.

### Eligibility Criteria

- **Clean Vehicle Credit (Individuals):** 
    - Vehicle must be new and primarily used in the U.S.
    - MSRP limits: $55,000 for cars, $80,000 for vans, SUVs, and trucks.
    - Income limits: MAGI below $300,000 (joint filers), $225,000 (heads of household), $150,000 (single filers).
    - Taxpayers can use MAGI from the year the vehicle is placed in service or the prior year.
- **Previously Owned Clean Vehicle Credit (Individuals):** 
    - Vehicle must be at least two years old.
    - Purchase price must not exceed $25,000.
    - Must be purchased from a licensed dealer.
    - Income limits: MAGI below $150,000 (joint filers), $112,500 (heads of household), $75,000 (single filers).
    - Taxpayers can use MAGI from the year the vehicle is purchased or the prior year.
- **Commercial Clean Vehicle Credit (Businesses):** 
    - Vehicle must be used for commercial purposes and meet weight/emissions criteria.
    - No income limits, but vehicles must comply with usage requirements.

### Filing Requirements

- **Individuals:** Attach Form 15400 to Form 1040.
- **Dealer Reporting:** Dealers must provide buyers with credit eligibility information starting in 2024.

[View full post](https://blog.seghettiwaxler.com/news-updates/2024-ev-updates)

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