What’s New for 2024
Transfer of new clean vehicle credit. For vehicles placed in service after 2023, you may be able to transfer the credit amount to the dealer at the time of sale and receive an immediate financial benefit in place of a tax credit claimed on your tax return. You will need to file Form 8936 with your return for the tax year in which the vehicle was placed in service.

New clean vehicle defined.
This is a new vehicle with at least four wheels placed in service after 2022 that:

• Is propelled to a significant extent by an electric motor that draws electricity from a battery that has a capacity of not less than 7 kilowatt hours and is capable of being recharged from an external source of electricity;

• Is manufactured primarily for use on public streets, roads, and highways;

•Has a gross vehicle weight rating (GVWR) of less than 14,000 pounds;

•Had its final assembly within North America;

•Has a manufacturer's suggested retail price of not more than $55,000 ($80,000 for a van, sport utility vehicle (SUV), or pickup truck); and