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We have a client in MD that purchased a Tesla Model 3 and has been provided an IRS Form 15400 stating the Maximum credit is $7,500. Is there a Federal and MD credit available and how are the credits taken for 2023? Forms?
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Have you even tried to look up anything about electric vehicle credits?
You could start by searching the forum. There are several threads going.
The more I know the more I don’t know.
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"and has been provided an IRS Form 15400 stating the Maximum credit is $7,500. Is there a Federal"
Yes, you just pointed out this IRS form is for Federal.
You can look up the requirements and eligibility at:
https://www.irs.gov/credits-deductions/credits-for-new-clean-vehicles-purchased-in-2023-or-after
and:
https://fueleconomy.gov/feg/tax2023.shtml
But it seems you have the right form, already, as evidence your taxpayer has been reported:
https://www.tesla.com/support/ira-clean-vehicle-report/2023
MD has an excise tax credit:
https://mva.maryland.gov/Documents/VR-334.pdf
https://mde.maryland.gov/programs/air/mobilesources/pages/zev.aspx
- Federal Income Tax Credit up to $7,500 for the purchase of a qualifying Electric Vehicle or Plug-in Hybrid.
- Maryland Excise Tax Credit of $3,000 for qualifying zero-emission plug-in electric or fuel cell electric vehicles.
Don't yell at us; we're volunteers
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Thanks very much for the information for the MD EV Buyer Excise Tax Credit. It is important to note this appears to be a form to be filled out by the purchaser separate from their income tax filings.
Given the application to receive this credit has a finite pool of monies, it would seem the dealer should fully explain to the purchaser at the point of sale.
Thaks again for the quick responses!!!