In May 2023, Victor purchased a new, qualified plug-in electric vehicle (EV). The purchase meets both critical mineral and battery component requirements to qualify for the New Clean Vehicle Credit. Victor is a single taxpayer, and his modified adjusted gross income (MAGI) is $67,500. He determines he owes $3,500 in income tax for 2023. What is the amount of the New Clean Vehicle Credit Victor can claim on his Federal tax return?

Answer rating: 100% (QA)

Victor can claim a maximum credit of 3500 for the New Cle... View the full answer