Will the Honda Prologue qualify for tax credits?
The Honda Prologue, an upcoming all-electric SUV, may qualify for federal tax credits, but the details are still uncertain. The Prologue is part of Honda's push to electrify its lineup, and understanding the potential tax incentives is crucial for consumers considering this new EV model.
What is the Honda Prologue?
The Honda Prologue is an all-new, all-electric SUV that is scheduled to launch in 2024. It is the first of several electric vehicles that Honda plans to introduce as part of its goal to achieve 100% zero-emission vehicle sales in North America by 2040. The Prologue is being developed in collaboration with General Motors, who will provide the underlying platform and battery technology.
Potential Tax Credits for the Honda Prologue
The federal government offers tax credits of up to $7,500 for the purchase of new electric vehicles. However, the availability of these credits depends on several factors, including the vehicle's battery capacity, the manufacturer's sales volume, and the buyer's individual tax situation.
At this time, it is unclear whether the Honda Prologue will qualify for the full $7,500 tax credit. The vehicle's battery capacity and other technical specifications have not been officially announced, and Honda's overall EV sales volume will also play a role in determining the credit amount.
Factors Affecting Tax Credit Eligibility
- Battery Capacity: The federal tax credit is based in part on the vehicle's battery capacity, with a minimum of 7 kWh required to qualify for any credit. The Prologue's battery size will need to meet or exceed this threshold to be eligible.
- Manufacturer Sales Volume: The tax credit phases out once a manufacturer sells 200,000 eligible EVs. Honda has not yet reached this threshold, but its future EV sales will be a factor.
- Individual Tax Situation: The tax credit is non-refundable, meaning it can only be used to offset the buyer's federal income tax liability. Individuals with lower tax bills may not be able to claim the full $7,500 credit.
It's important to note that the tax credit rules and eligibility criteria are subject to change, so potential Honda Prologue buyers should stay informed on the latest developments.
Conclusion
While the Honda Prologue may qualify for federal tax credits, the exact amount is still uncertain. Consumers interested in this new EV should closely monitor the vehicle's specifications and Honda's overall EV sales as the Prologue's launch approaches. Understanding the potential tax incentives can help buyers make an informed decision when considering the Prologue or other electric vehicles.
What is the Honda Prologue charger incentive?
EV Charging Solutions & Allowances
| Honda Prologue Charging Packages | Option A | Option B |
|---|---|---|
| Charging Equipment | Home Charging Station (Level 2) | Portable Charging Kit (Level 1 and 2) |
| Honda Home Electrification Installation Credit | $500 | $250 |
| EVgo Charging Credit | $100 | $300 |
| Electrify America Introductory Charging | 60 kWh | 60 kWh |
Which Honda qualifies for tax credits?
2024 Honda Prologue
Honda announced that most all-new 2024 Honda Prologue models, the first all-electric Honda SUV, will qualify for the U.S. $7,500 EV tax credit. The federal tax credit applies to the purchase of all 2024 Prologues built after Feb. 26, 2024. All 2024 Prologues will qualify when leased.
How do I check if my EV qualify for tax credit?
Visit the FuelEconomy.gov Tax Center to determine whether a vehicle qualifies for a tax credit, navigate eligibility requirements, and read frequently asked questions. You can also use the tax credit calculator to determine how much you can claim on a used vehicle.
Which EVs qualify for tax credit in 2024?
Which Electric Cars Were Eligible for a Tax Credit in 2024?
- Acura ZDX EV (2024 model years; MSRP, $80,000 or below)
- Cadillac Lyriq (2024 model year; MSRP, $80,000 or below)
- Chevrolet Blazer EV (2024 model year; MSRP, $80,000 or below)
- Chevrolet Bolt and Bolt EUV (2022 and 2023 model years; MSRP, $55,000 or below)
Which EVs are eligible for $7,500 tax credit?
Here Is the EPA's List of EVs Eligible for the Federal Tax Credit
- 2024 Acura ZDX. Review, Price, Specs Acura.
- 2025 Cadillac Lyriq. Review, Price, Specs Cadillac.
- 2025 Cadillac Optiq.
- 2025 Chevrolet Blazer EV.
- 2025 Chevrolet Equinox EV.
- 2025 Chevrolet Silverado EV.
- 2025 Ford F-150 Lightning.
- 2025 Genesis Electrified GV70.
Is Honda Prologue a good buy?
The result, the 2024 Honda Prologue EV, is a good EV that lacks Honda's typical personality. “The Prologue is a perfectly fine first EV for an average sized or smaller family,” associate editor Bob Hernandez said, “and an acceptable SUV for 99.9 percent of the things that SUVs do today.”
What is the salary limit for a 7500 EV tax credit?
The taxpayer's modified adjusted gross income for either the current or prior year must be $300,000 or less for joint filers and surviving spouses, $225,000 or less for head of household filers, or $150,000 or less for other filers.
Does the 2024 Honda Accord hybrid get tax credits?
Yes, the 2024 Honda Prologue does qualify for the federal tax credit of $7,500. The Honda EV tax credit applies to eligible lessees of the 2024 Honda Prologue and eligible buyers of 2024 Honda Prologue models built after February 26, 2024.
Does the Honda Prologue qualify for the EV tax credit?
The 2024 Honda Prologue is one of only seven all-electric SUVs currently eligible for the $7,500 federal tax credit!
Which EVs are eligible for $7500 tax credit?
Here Is the EPA's List of EVs Eligible for the Federal Tax Credit
- 2024 Acura ZDX. Review, Price, Specs Acura.
- 2025 Cadillac Lyriq. Review, Price, Specs Cadillac.
- 2025 Cadillac Optiq.
- 2025 Chevrolet Blazer EV.
- 2025 Chevrolet Equinox EV.
- 2025 Chevrolet Silverado EV.
- 2025 Ford F-150 Lightning.
- 2025 Genesis Electrified GV70.
