Does the 2023 BMW i4 qualify for a federal tax credit?


There are plenty of reasons to consider buying the 2023 BMW i4, but is the flagship electric sedan eligible for a federal tax credit?

The BMW i4 2023 is a luxury EV that many buyers will consider, but does the electric sedan qualify for a federal tax credit? Today, more consumers are interested in owning electric vehicles than ever before, signaling a revolution in the automotive industry. Owning an electric vehicle not only helps the environment, but owners can also get more out of these vehicles than their gas-powered counterparts. Today, electric vehicles are capable of semi-autonomous driving, and efforts are already underway to improve their capabilities. Buyers can also take advantage of some electric vehicle incentives, including the federal tax credit that applies to many automakers.

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The federal tax credit is designed to encourage more people to buy electric vehicles. When automakers announce their latest electric vehicles, a tax credit is usually included. It’s part of the US government’s efforts to improve consumer acceptance of EVs and achieve an all-electric mobility goal in a few years. In addition to electric vehicles, plug-in hybrid vehicles (PHEV) also benefit from a tax credit. With the tax credit, EVs and PHEVs become more accessible. However, some electric vehicle manufacturers have maximized their eligibility for the tax credit. For example, Tesla vehicles that found new homes after December 2019 and General Motors vehicles (including Cadillac and Chevrolet) purchased after March 2020 are no longer eligible for the tax credit.


Related: 2022 BMW iX xDrive50: How much it costs and what you get

The 2023 BMW i4 is eligible for a tax rebate capped at $7,500. However, BMW says the expected credit amount could be lower depending on when the credit phase-out rules come into effect. He further advises clients to consult a tax professional to determine their eligibility for this incentive. i4 buyers may also qualify for state-based benefits such as rebates, tax credits and subsidies. In addition to the federal tax credit, buyers are also eligible for the usual benefits of electric vehicles, such as gas and oil savings. Plus, perks like access to single-occupancy HOV lanes in select states and the privilege of parking near charging stations are available with the purchase of this electric vehicle.


Both BMW i4 versions get tax refund


Photo of a parked BMW i4

The BMW i4 is available in two variants: the i4 eDrive40 with a starting MSRP of $55,900 and the i4 M50 with a starting price of $67,300. Prices exclude destination and handling fee of $995 plus tax, title, license and registration fees. However, the federal tax credit is available for both variants, which significantly reduces the price.

As BMW’s pioneering electric sedan, the i4 is an integral part of the German automaker’s efforts to herald the future of electric mobility. The i4 retains the body styling of BMW’s popular 4 Series Gran Coupé. The EV comes with a long wheelbase, short overhangs and the finishing touch of a flowing roofline. The i4’s design is built on BMW’s existing Cluster Architecture (CLAR) platform which incorporates materials like aluminum steel and sometimes carbon fiber for production.


Buyers can access standard safety features such as Active Blind Spot Detection, Lane Departure Warning and Forward Collision Warning with City Collision Mitigation. The i4 also comes with BMW’s current iDrive operating system, which is the best of BMW’s in-car technology. Drivers can interact with BMW’s intelligent personal assistant designed to provide an enhanced user experience. The BMW i4 2023 also supports wireless Apple CarPlay and Android Auto integration.

Next: EV Tax Refund for the Subaru Solterra Explained

Source: BMW

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