Does The 2023 BMW i4 Qualify For A Federal Tax Credit?
The 2023 BMW i4 is a luxurious EV that many buyers will be considering, but does the electric sedan qualify for a federal tax credit? Today, more consumers are interested in owning EVs than ever before, signaling a revolution in the automobile industry. Owning an EV not only helps the environment, but owners can also get more out of those vehicles than their gasoline-powered counterparts. Today, EVs are capable of semi-autonomous driving, with efforts to upgrade their capabilities already underway. Buyers can also enjoy certain incentives awarded to EVs, one of which is the federal tax credit that applies to many automakers.
The federal tax credit is designed to encourage more people to purchase EVs. When automakers advertise their latest EVs, a tax credit is usually included. This forms part of the U.S. government’s efforts to improve consumers' reception of EVs and achieve an all-electric mobility target in a few years. Aside from EVs, Plug-in Hybrid vehicles (PHEVs) also qualify for a tax credit. With the tax credit, EVs and PHEVs become more accessible. However, some EV makers have maxed out their tax credit eligibility. For instance, Tesla vehicles that found new homes after December 2019 and General Motors vehicles (Cadillac and Chevrolet included) bought after March 2020 are no longer eligible for the tax credit.
Related: 2022 BMW iX xDrive50: How Much It Costs And What You Get
The 2023 BMW i4 qualifies for a tax rebate capped at $7,500. However, BMW states that the expected credit amount could be lower depending on when the credit phase-out rules kick in. It further advises customers to consult a tax professional to determine their eligibility for this incentive. Buyers of the i4 can also qualify for state-based
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