Electric vehicle ownership comes with a wide range of perks, from a more efficient and eco-friendly driving experience to fewer maintenance needs and zero refueling costs. If you’re considering a new BMW EV, you may be wondering: Does BMW qualify for an EV tax credit? And if so, what BMW vehicles qualify for the EV tax credit? Find the answers to these questions and more below, and when you’re ready to start shopping for your next Bellevue or Lynnwood ride, explore our EV selection at BMW Seattle.
Let’s start with the most pressing question: Does BMW qualify for an EV tax credit? According to the Inflation Reduction Act of 2022, the Clean Vehicle Credit is available when certain conditions are met, one of the most important being that an EV must undergo final assembly in North America in order to qualify for a tax credit. This means that, yes, specific BMW vehicles are eligible for federal EV tax incentives of up to $7,500 off the sale or lease price of a new, qualified plug-in electric vehicle.
Also, as the buyer or lessee, your adjusted gross income must not exceed:
So, what BMW vehicles qualify for the EV tax credit? For the 2024 model year, the BMW X5 is the sole electrified vehicle in the automaker’s lineup that meets eligibility criteria. With that said, several state-level EV tax credits are available for buyers, sellers, and vehicles meeting specific requirements. Qualifying buyers and lessees can save up to $9,000 with one of the state’s tax incentives!
Ready to experience the BMW X5 for yourself? Stop by the showroom today to take a test drive around Seattle or contact us to set up an appointment. We also invite you to visit our finance center to learn more about your financing and leasing options and to use our payment calculator to ensure you make the right decisions for your lifestyle and budget. Come see why the BMW electrified lineup is the go-to EV source for luxury-minded drivers, from Seattle to Redmond and beyond!
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