There’s a $7,500 tax credit for some car buyers: Here’s what vehicles qualify

Buyers who purchase certain types of electric vehicles could be in line for a hefty tax credit, according to the Internal Revenue Service.

The new tax credit provides up to $7,500 for qualified plug-in or fuel cell vehicles. The important word there is “qualified” and there are several requirements’ buyers have to meet to claim their credit.

To qualify, you have to purchase the vehicles for your own use and not resale and it has to be primarily used in the U.S. There are also limits on the amount of adjusted growth income you can earn: $300,000 for married couples filing jointly; $225,000 for heads of households; and $150,000 for all other filers.