June 12, 2024
Nissan Expects To Qualify For US EV Tax Credits By 2026

Nissan Expects To Qualify For US EV Tax Credits By 2026

As the globe goes electric, Nissan is preparing to offer more electric vehicles in the coming years that will qualify for US EV tax credits as soon as 2026. This targeted goal is the result of the automaker’s commitment to consolidating its platforms and drivetrains so that they comply with EV standards and regulations under the currently available EV tax credit. Of course, it doesn’t hurt that becoming qualified for the EV tax credit will help to boost Nissan sales as well.

Nissan Revs Up EV Game

Nissan plans to offer six EV nameplates available in US markets by 2026, four of which are planned to be manufactured domestically. The automaker has plans for its upcoming two sedans and two crossovers as they will be manufactured in its Canton, Mississippi plant. The automaker has devoted $500 million to this Mississippi plant in order to be a worthy contender in the electric vehicle space.

By establishing this plant, Nissan is also planning to hit a target of 40% of its US vehicle sales becoming fully electric by the year 2030. Currently, Nissan manufactures the EV Leaf in Smyrna, Tennessee, and has yet to reveal details about the two sedans and two crossovers to be manufactured in Mississippi. Still, the automaker has shared that these four models will be able to qualify for the full $7,500 tax incentive.

Nissan currently imports fully built electric powertrains from japan, however, they have plans to start producing these electric powertrains in the US. With current projections, Nissan will be able to tap into a market that consumers are hungry for. According to current data, Nissan has sold just under 12,000 Leafs and 201 Ariyas crossovers in the last year.

What is the US EV Tax Credit?

Tax credits can be a beneficial incentive that helps lower an individual’s overall tax liability. These credits are issued by the federal government and are done so in order to promote specific behaviors among taxpayers.

This tax credit available for select and qualifying electric vehicles allows drivers to enjoy a bit of financial relief in the hopes that they make a more sustainable decision when it comes to their automotive needs.

Currently, the available $7,500 tax credit is offered to individuals who purchase qualifying plug-in electric vehicles (EVs) or fuel cell vehicles (FCVs). In order to qualify, drivers must make the purchase for themselves or their business and do so for their own use and not for resale purposes.
Additionally, these vehicles must be used primarily within the United States.

There are some regulations on who can claim this tax credit and it largely depends on a taxpayer’s modified adjusted gross income. This AGI cannot exceed $300,000 for married couples filing jointly, $225,000 for heads of households, and $150,000 for all other filers.

There are also strict guidelines on qualifying vehicles with some of the guidelines including vehicles that have a battery capacity of at least 7 KW hours, having a vehicle that has a weight rating lower than 14,000 lbs, it must be made by a qualified manufacturer, and must undergo final assembly in North America.

Your Nissan EV is Waiting at a Nissan Dealer To Me

If you are ready to go electric and snag a tax credit along the way, it’s time to start looking for the nearest Nissan dealer to me. It’s not too soon to start building your perfect EV, and Nissan is here to help you along the way.

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