Does BMW Qualify for an EV Tax Credit?

Making the switch to the EV lifestyle gives you access to a wide range of benefits. From no more trips to DC Metro Area gas pumps to fewer maintenance demands to a greener driving experience, you’ll enjoy no shortage of perks with your new EV. But you might be wondering: Does BMW qualify for an EV tax credit? If so, what BMW models qualify for the EV tax credit? Find out below in BMW of Sterling’s overview of BMW EV tax credits.

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Does BMW Qualify for an EV Tax Credit in 2024?

The Clean Vehicle Credit in the Inflation Reduction Act of 2022 established specific tax credit eligibility guidelines for both EVs and EV buyers. If these guidelines are met, you can earn a tax credit of up to $7,500, typically deducted right at the point of sale.

So, does BMW qualify for an EV tax credit? A BMW EV would be considered eligible as long as it:

Has a battery capacity of at least seven kilowatt hours
Has a gross vehicle weight rating of less than 14,000 pounds
Has been made by a qualified manufacturer
Has undergone final assembly in North America
Meets critical mineral and battery component requirements

Also, the BMW EV tax credit only applies to vehicles under specific MSRPs:

$80,000 for vans, sport utility vehicles, and pickups
$55,000 for other vehicles

As the buyer, your adjusted gross income must not exceed these limits in order to qualify for the federal BMW EV tax credit:

$300,000 for married couples filing jointly or a surviving spouse
$225,000 for heads of households
$150,000 for all other filers

What BMW Models Qualify for the EV Tax Credit?

Keeping the above criteria in mind, what BMW models qualify for the EV tax credit? As of this writing, the only model for 2024 that falls within eligibility requirements is the BMW X5. But remember that there are a variety of programs out there to help you make your dream of EV ownership a reality, including state-level rebates, so be sure to explore all your options, and enjoy maximum savings on your next Loudoun County ride.

Your Next EV Awaits at BMW of Sterling

From Sterling to Dulles Airport and beyond, we are the area’s premier source for luxury EVs. Visit the showroom today to take a test drive or contact us to schedule an appointment. You can also continue your research online. Get ready to revolutionize every drive at the wheel of your next state-of-the-art BMW EV.