Why? Because the price cap is higher. The Cadillac Lyriq, Ford Mustang Mach-E, Tesla Model Y, and more will now qualify as SUVs under the higher $80K limit.
The rules change is retroactive, so anyone who bought a vehicle since January 1, 2023, that now qualifies can claim the credit.
More changes are coming to the complicated federal tax credit rules that involve EVs. The latest update notably allows more models to now classify as SUVs, raising their MSRP price limit from the $55,000 cap used for cars up to $80,000—pickup trucks and vans also fall into this category.new standards for vehicle classifications
, which are implemented as part of the Inflation Reduction Act . The IRA gave the decision of how to classify these vehicles to Secretary of the Treasury Janet Yellen, using criteria similar to those used by the Environmental Protection Agency and the Department of Energy to determine vehicle size and class .
The Treasury Department had been classifying vehicles using the EPA's CAFE standards, but it will now switch to a system based on the Fuel Economy Labeling standard. While the old rules will remain in effect until the proposed regulations are made official—we don't know when that will be—the Treasury Department said if you purchased an EV in 2023 that previously didn't qualify but now does, you can still claim the credit.
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