How much is the tax credit for the Ford F-150 Lightning?
The Ford F-150 Lightning, an all-electric version of the popular F-150 pickup truck, qualifies for a federal tax credit of up to $7,500. This credit is designed to incentivize the adoption of electric vehicles (EVs) and help offset the higher upfront cost of these eco-friendly models.
Understanding the Tax Credit
The tax credit for the Ford F-150 Lightning is part of the federal government's efforts to promote the use of electric vehicles. The credit is available to individuals who purchase a new Ford F-150 Lightning and meet certain eligibility requirements. The amount of the credit can vary depending on the specific model and configuration of the vehicle.
Eligibility Requirements
To qualify for the tax credit, the Ford F-150 Lightning must meet the following criteria:
- The vehicle must be a new, all-electric model, not a used or hybrid vehicle.
- The vehicle must have a battery capacity of at least 5 kilowatt-hours (kWh).
- The vehicle must be purchased for personal use, not for resale.
- The purchaser's modified adjusted gross income must be below certain thresholds, which are currently set at $300,000 for married couples filing jointly and $150,000 for single filers.
It's important to note that the tax credit is a one-time benefit, and it is applied to the purchaser's federal income tax liability. The credit can be claimed when filing the purchaser's annual tax return.
Calculating the Tax Credit
The amount of the tax credit for the Ford F-150 Lightning can vary depending on the specific model and configuration. The base model of the F-150 Lightning qualifies for the full $7,500 credit, while higher-end trims may be eligible for a smaller credit amount. The credit is calculated based on the battery capacity of the vehicle, with a higher capacity resulting in a larger credit.
It's recommended that potential buyers consult with a tax professional or refer to the latest information from the Internal Revenue Service (IRS) to determine the exact amount of the tax credit they may be eligible for.
Is a Ford F-150 over 6000 pounds?
Yes, many Ford F-150 models are over 6,000 pounds, but it depends on the specific configuration like cab size, bed length, and drivetrain. Configurations like a SuperCrew with a 6.5-foot bed, or a Regular Cab with an 8-foot bed are likely to be over 6,000 pounds, often due to their higher Gross Vehicle Weight Rating (GVWR).
- Configuration matters: A SuperCrew model with a 5.5-foot bed is over 6,000 lbs GVWR, while a Regular Cab with a 6.5-foot bed is under 6,000 lbs GVWR.
- GVWR vs. curb weight: The GVWR is the maximum weight of the vehicle when fully loaded, while the curb weight is the weight of the truck itself.
- Tax implications: Models with a GVWR over 6,000 pounds are often eligible for Section 179 tax benefits.
- Examples: A SuperCrew with a 5.5-foot bed is over 6,000 lbs GVWR, and an F-150 with an 8-foot bed is also over 6,000 lbs.
How do I get the full $7500 EV tax credit?
If you purchased a qualifying plug-in EV or clean vehicle during the required timeframes (either after December 31, 2009, through December 31, 2022, or January 1, 2023, through September 30, 2025), you can claim the respective credit by filling out Form 8936 and attaching it to your Form 1040 when you file your tax ...
What is the tax credit for the Ford F-150 Lightning 2025?
The $7,500 federal tax credit for the Ford F-150 Lightning has a deadline of September 30, 2025. After this date, the current credit expires, but a new law beginning October 1, 2025, may allow up to a $10,000 annual deduction for auto loan interest on future, U.S.-assembled financed EVs. To qualify for the current credit, the F-150 Lightning must meet specific criteria, including an MSRP under $80,000 for qualifying trims, and you must take delivery before the September 30, 2025, deadline.
Current tax credit (expires September 30, 2025)
- Credit amount: Up to $7,500 for eligible new purchases or leases.
- Deadline: You must take delivery of the vehicle before September 30, 2025, to claim the credit.
- Eligibility:
- MSRP: The MSRP must be less than $80,000$ 80 comma 000$80,000 for qualifying models like the XLT, Flash, and Lariat trims.
- Final Assembly: The vehicle must meet the final assembly requirements.
- Leasing: If you lease an eligible vehicle, the dealership can claim the credit and pass the savings on to you, effectively lowering your lease cost.
- How to claim: You can claim the credit by filling out Form 8936 when you file your 2025 taxes.
New tax deduction (starts October 1, 2025)
- Deduction amount: Up to $10,000 per year, specifically for the interest on auto loans for financed electric vehicles.
- Eligibility:
- Vehicle: The vehicle must be a U.S.-assembled EV.
- Financing: It must be a financed vehicle (not a cash purchase).
- What it means for 2025: This new deduction will not apply to purchases made before the September 30, 2025, deadline. It will apply to interest paid on loans for vehicles purchased on or after October 1, 2025.
What to do
- If you want to take advantage of the current $7,500$ 7 comma 500$7,500 tax credit, you must purchase or lease an eligible F-150 Lightning and take delivery before September 30, 2025.
- If you plan to finance a future U.S.-assembled F-150 Lightning after the deadline, you may be eligible for the new loan interest deduction, but not the direct purchase credit.
Does the Ford F-150 Lightning qualify for tax credits?
According to the EPA's Vehicle Eligibility Search tool, the Ford F-150 Lightning is eligible for the federal EV tax credit, whether you choose the standard range battery model or the extended range battery model.
