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Tax Credit for Lucid Air Touring

Level 2

I have a client that ordered a 2023 Lucid Air Touring on 8/12/22.  He took delivery of the vehicle on 12/19/22.  I'm having a hard time trying to figure out if he qualifies for any credit.  The vehicle costs over $100k but it was ordered prior to 8/16/22.  Anyone have any insight that might be able to help?  Thanks so much!

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1 Comment 1

I believe the taxpayer will be able to claim the credit. You can see following recourses:

1. https://afdc.energy.gov/laws/electric-vehicles-for-tax-credit#/tab-legacy

2. https://www.irs.gov/credits-deductions/credits-for-new-electric-vehicles-purchased-in-2022-or-before

How to Claim the Credit

To claim the credit for a vehicle you took possession of in 2022, file Form 8936, Qualified Plug-in Electric Drive Motor Vehicle Credit (Including Qualified Two-Wheeled Plug-in Electric Vehicles) with your 2022 tax return. You will need to provide your vehicle's VIN.

Murtaza Ismail CPA & EA