The ID.4 from Volkswagen

The IRS recently updated the information on its website and issued frequently asked questions that provide helpful information. These state that for customers purchasing and taking possession of a qualifying electric vehicle after August 16, 2022 and before January 1, 2023, if final assembly of the vehicle occurs in North America and the vehicle qualifies under the previous law, the vehicle would qualify for a tax credit.

Model Year 2023 Volkswagen ID.4 vehicles will be assembled in Chattanooga, TN and we are hopeful they will be certified and listed on the IRS.gov website to be eligible for a tax credit under the recently released IRS guidance.

Your individual income tax situation, as well as other factors, may prevent you from being eligible for or using all or part of any tax credit. Vehicles purchased and placed in service in 2022 are subject to the 200,000 unit cap (combined for all Volkswagen Group brands) before phase-out of the credit begins.

To understand the impact of the Act on your individual circumstances, we suggest consulting your tax advisor.