BMW Electric Vehicle Tax Credit Information for 2022

BMW EV Tax Credit for MY 2022

If you’ve begun to consider making the switch to a plug-in hybrid or an all-electric vehicle, you’re probably familiar with their compelling list of benefits including outstanding savings on fuel, exhilarating power delivery, and serene driving characteristics. There’s also another tremendous advantage that comes from owning an electrified vehicle that you may have not previously considered.

Internal Revenue Code Section 30D provides a credit for certain Plug-In Electric Drive Motor Vehicles including passenger vehicles and light-duty trucks. This list includes several of the latest BMW models, helping to make your next vehicle purchase significantly more rewarding*. Sewickley BMW is standing by to help you choose the right BMW PHEV or EV for your lifestyle.

BMW 5 Series PHEV

Federal EV Tax Credits Explained*

Although often referred to as a discount on the vehicle’s selling price, a tax credit is just that — a tax credit. This government policy allows certain buyers to claim an eligible tax credit against the federal income taxes they owe in the year in which they buy the car. Put simply, it reduces your tax liability. Should you qualify for a tax refund, you’ll receive whatever the amount of your credit on top of your refund*.

Which 2022 BMW Models Qualify for the EV Federal Tax Credit*?

  • BMW i4 eDrive40/M50 Gran Coupe (2022) – $7,500
  • BMW iX xDrive50/M60 (2022) – $7,500
  • BMW X5 xDrive45e (2022) – $7,500
  • BMW 330e (2022) – $5,036
  • BMW 330e xDrive (2022) – $5,036
  • BMW 530e (2022) – $4,668
  • BMW 530e xDrive (2022) – $4,668
  • BMW 745e xDrive (2022) – $5,836

*Tax credits may be complex and are subject to change without notice. While Sewickley BMW does its best to keep this information up-to-date, it cannot guarantee the current accuracy of your eligibility. We recommend consulting a tax professional to validate credit availability and eligibility. Tax credits are not available on lease transactions.

BMW 530e Charging

Additional BMW Electric Vehicle Ownership Benefits

Convenient Charging Solutions – Whether you’re headed across town or across the country, range anxiety concerns are a thing of the past thanks to advanced BMW EV charging solutions. Home charging station installation lets you wake up to a fully-charged vehicle each morning. You’ll also have access to an ever-growing network of public charging stations that help you stay charged while on the go. Plug-in hybrid models also benefit from a conventional gasoline engine for backup, helping you get where you need to be without the need to worry about charging.

BMW EV/PHEV Battery Warranty – Backed by the confidence of an 8 Year / 80,000 Mile limited warranty, you’ll enjoy peace of mind from knowing that your vehicle is protected for the long haul.

HOV Lane Access – Depending on the state, your BMW EV or PHEV can potentially qualify for access to HOV lanes. Skip the traffic and experience the freedom of emission-free commuting with an electric or plug-in hybrid vehicle.

*The information above does not constitute tax planning advice, as individual tax situations may vary. The information presented was accurate at time of publishing. Federal rules and tax guidelines are subject to change. Consult your tax advisor for complete details on rules applicable to individual tax situations.