Is Your 2024 Audi Vehicle Eligible For EV Tax Credit In Indiana?
Electric vehicle tax credit eligibility changes each year, which is confusing and frustrating for drivers who want a more environmentally friendly way to commute. To simplify your search and help you maximize your EV savings, the Audi Indianapolis team put together this easy-to-use electric vehicle tax credit guide. Let's take a closer look at how you can qualify for the current EV tax credit, 2024 eligible vehicles, and special Indiana-only incentives.
Must-Know Electric Vehicle Tax Credit Guidelines
- EVs or PHEVs purchased new in 2023 or 2024 may be eligible for a federal electric vehicle tax credit of up to $7,5001
- State electric vehicle tax credit laws vary
- In Indiana, there are not currently electric vehicle tax incentives, but Indiana residents can receive rebates up to $500 for the purchase of a new Level 2 home charging station2
- Two variants of the Audi Q5are currently eligible for an Audi EV tax credit3,4
- Individuals and businesses can receive 2024 electric vehicle tax credit on qualified vehicles
- There is an EV tax credit income limit: $300,000 for married couples filing jointly, $225,000 for heads of households, and $150,000 for all other filers3
- Used electric vehicle tax credit may be issued if you purchase an eligible pre-owned EV or PHEV from Audi Indianapolis for $25,000 or less3
- Dealerships may also qualify for a leased electric vehicle tax credit when you lease a new EV or PHEV from them; the dealer can pass those tax credit savings on to you in the form of rebates
Buying vs. Leasing: Which One Earns Electric Vehicle Tax Credit?
Electric vehicle tax credit is designed to give you a tax break after purchasing an EV or PHEV model. When you buy an eligible electric vehicle, you can typically apply your electric vehicle tax credit at the point of sale and lower your overall cost, or you can file for your electric vehicle tax credit on tax form 8936.
However, leasing a new electric vehicle could also save you money. Widely known as the "EV tax credit loophole," federal law also allows dealerships to receive the leased electric vehicle tax credit when customers lease eligible new EV or PHEV models – and then the dealership can pass those savings on to you!
Indiana Electric Vehicle Tax Credits
If you're an Indiana resident, you can earn special benefits alongside your federal electric vehicle tax credit. Although Indiana does not currently offer state EV tax credit, Indiana drivers can earn rebates worth $250 or $500 from their energy companies when they install new Level 2 home chargers2 at their home or workplace.
What's more, the Indiana Department of Transportation plans to invest nearly $100 million toward building a network of EV charging stations across the state, which will result in DC fast-chargers every 50 miles along specific roadways!
Shop EV Tax Credit-Eligible Vehicles in Indianapolis
Currently, only the 2023 and 2024 Audi Q5 PHEV or Audi Q5 55 TFSI e-quattro® are eligible for up to $3,750 in federal electric vehicle tax credit.3,4 We anticipate other models will be added to the tax credit list in coming years – especially with specs like those of the Audi Q8 e-tron range. However, where a vehicle is built plays a part in this eligibility. Right now, federal tax credits require vehicles to be built or partially built in the United States, while the Audi Q8 is manufactured in Belgium.
Our team would be thrilled to talk to you more about the 2024 Audi Q5 PHEV. With standard AWD and an efficient plug-in hybrid system, this new Audi option delivers 362 horsepower and can hit 60 mph in only five seconds. It offers seating for five, a crisp and customizable touch screen, and boasts up to an EPA-estimated 23-mile all-electric range.5 However, we would also love to have a conversation all about Audi e-tron models.
To get started on a journey to a brighter and more luxurious future behind the wheel of one of these vehicles, stop by our dealership in Indiana today.
Frequently Asked Questions
How do I qualify for an electric vehicle tax credit?
Qualification for the federal EV tax credit depends on multiple factors, including the vehicle's MSRP, assembly location, GVWR, and battery and materials sourcing. Individuals and businesses may qualify for a 2024 electric vehicle tax credit if their vehicle is purchased primarily for their own use and not for resale. Talk with the Audi Indianapolis team to learn more about federal and state EV tax credits!
Which electric cars qualify for tax credit?
Several well-known vehicles currently qualify for the 2024 federal electric vehicle tax credit, including a familiar Audi model! Take home a 2023 or 2024 Audi Q5 PHEV, and you could be eligible for up to $3,750 in electric vehicle tax credit.3,4 Indiana residents can also receive a rebate for purchasing a new Level 2 EV charging station for their garages.2
Is the electric vehicle tax credit refundable?
No, the electric vehicle tax credit is not refundable, but it can often be applied at the point of sale to reduce the overall price of your electric or plug-in electric model. If you choose not to apply the credit toward our purchase price, you can claim your federal electric vehicle tax credit when you file your taxes. Simply fill out Form 8936 with your tax return!
Continue Your Audi Research
1At the time of writing. Incentives are subject to change without notice and are intended for informational purposes only. Please note that this is not tax advice. Consult with your tax adviser for further details and to determine eligibility.
2Reference to this third-party review/claim is solely for informational purposes and not to be relied upon. For more details, please visit https://goevin.com/programs-and-incentives/#:~:text=AES%20Indiana%20offers%20residential%20customers,EV%20Managed%20Charging%20Program%20website.
3Reference to this third-party review/claim is solely for informational purposes and not to be relied upon. For more details, please visit https://www.fueleconomy.gov/feg/taxcenter.shtml
4Reference to this third-party review/claim is solely for informational purposes and not to be relied upon. For more details, please visit https://www.consumerreports.org/cars/hybrids-evs/electric-cars-plug-in-hybrids-that-qualify-for-tax-credits-a7820795671/
5EPA estimated total range for plug-in hybrid cars in miles. Actual mileage and range will vary and depend on several factors including driving and charging habits, accessory use, temperature and topography, battery age, load, and vehicle condition. Battery capacity decreases with time and use. See owner’s manual for details.