Does 2023 BMW i4 qualify for federal tax credit?

Does 2023 BMW i4 qualify for federal tax credit?

If you are looking for a luxurious and powerful electric sedan, you might be interested in the 2023 BMW i4. This is BMW's first electric sedan and it offers impressive performance, design, and features. But before you make your decision, you might be wondering: does the 2023 BMW i4 qualify for a federal tax credit?

The federal tax credit is an incentive program that offers up to $7,500 in tax rebates for eligible electric vehicles and plug-in hybrids. The amount of the credit depends on the battery capacity and the manufacturer's sales volume. The credit is not a cash rebate, but rather a reduction in your tax liability. You can claim the credit when you file your federal income tax return for the year you purchased the vehicle.

According to BMW, the 2023 i4 qualifies for the full $7,500 federal tax credit. However, this amount may vary depending on when the credit phase-out rules kick in. The phase-out rules apply when a manufacturer sells more than 200,000 eligible vehicles in the US. After that point, the credit amount gradually decreases until it reaches zero. BMW advises customers to consult a tax professional to determine their exact eligibility for this incentive.

The 2023 i4 comes in two variants: the i4 eDrive40 and the i4 M50. Both variants are eligible for the federal tax credit, as well as state-based incentives such as rebates, grants, and HOV lane access. The i4 eDrive40 has a starting price of $55,900 and an EPA-estimated range of 301 miles with 18-inch wheels. The i4 M50 has a starting price of $67,300 and an EPA-estimated range of 271 miles with 19-inch wheels. Both variants have an 83.9 kWh battery and can charge up to 80% in about 30 minutes using a DC fast charger.

The 2023 BMW i4 is a compelling option for electric vehicle enthusiasts who want a premium and sporty sedan. With the federal tax credit and other incentives, the i4 becomes more affordable and attractive. However, keep in mind that the tax credit is not guaranteed and may change depending on various factors. Therefore, it is advisable to do your own research and consult a tax expert before making your purchase.