Does the Honda Prologue Qualify for the Federal EV Credit?
The federal EV credit is one of the most significant incentives for investing in an electric vehicle purchase. However, it’s essential to know that not all EVs are eligible. This raises the question: does the 2024 Honda Prologue qualify? Find out if this midsize crossover EV qualifies buyers for the tax credit.
Federal EV Tax Credit Requirements
Beginning in 2024, updates added stringent guidelines manufacturers must follow to qualify their EV models for the federal tax credit. Under these requirements, the EV must be built in North America, and its gross weight cannot exceed 14,000 pounds. In addition, the auto manufacturer must be registered with the IRS. Finally, at least 60% of the battery must be assembled in North America. The Honda Prologue meets these requirements.
Eligibility Requirements
To qualify for the full $7,500, your income cannot exceed $150,000 if you’re single or filing separately from your spouse. The threshold is $225,000 if filing jointly. You’ll have to fill out Form 8936 on your federal income tax. If you purchase an EV SUV, its MSRP cannot exceed $80,000. The Honda Prologue is far below this price. You may still qualify for a partial $3,750 tax credit if you don't meet the requirements.
See the Honda Prologue at Our Sea Girt, NJ, Honda Dealership
Come over to Lester Glenn Honda to see the Honda Prologue. While our finance department can assist you, consult with a certified accountant regarding tax and federal EV credit questions.
