Tax alert

IRS adds Ford truck to section 30D qualified electric vehicle list

Apr 13, 2022
Federal tax Credits & incentives

Information regarding vehicle models that are newly qualified for section 30D credits by the IRS.

On April 12, 2022, the IRS announced that it added the 2022 model year Ford F-150 Lightning to the list of IRC section 30D credit qualified vehicles for plug-in electric drive motor vehicles. The new vehicles eligible for the credit are the standard and extended range models.

Section 30D allows for a credit for qualified plug-in electric motor vehicles for the taxable year in which it is placed in service. The credit amount varies based on the capacity of the battery used to power the vehicle, and the credit amount for Ford F-150 Lightning is $7,500, which is the maximum amount of the credit allowed for under section 30D.

For a full list of eligible vehicles, refer to Qualified Plug-In Electric Drive Motor Vehicles (IRC 30D).

Taxpayers who have questions on how these credits apply and other rules for claiming the credit should consult their tax advisers.

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