We have some fantastic news for our consumers! We can now offer more bang for your buck for qualified Jeep Grand Cherokee 4xe vehicle lessees. Those who qualify could receive an incentive of up to $7,500 through a Stellantis Preferred Lender to be factored into the lease calculation. Additionally, qualified Jeep Grand Cherokee 4xe purchasers may qualify for up to a $7,500 federal tax credit.
The Jeep Grand Cherokee 4xe
If you’re considering purchasing an electric vehicle, the Jeep Grand Cherokee 4xe is a top contender. This vehicle offers spacious comfort, cutting-edge technology, sophisticated design, and advanced safety and security features that make it a great choice, and now the tax credit and lessee incentive have sweetened the deal on this superb vehicle.
According to the IRS website, if you bought a new, qualified plug-in electric vehicle in 2023 or before, such as the Jeep Grand Cherokee 4xe, you may be eligible for a clean vehicle tax credit under Internal Revenue Code 30D.
The credit equals:
- $2,917 for a vehicle with a battery capacity of at least five-kilowatt hours
- Plus $417 for each kilowatt hour of capacity over five-kilowatt hours
The maximum credit is $7,500. It is non-refundable, so you cannot get back more on the credit than you owe in taxes. Additionally, you cannot apply any excess credit to future tax years. The Jeep Grand Cherokee 4xe qualifies because it meets the following requirements:
- It has an external charging source
- It has a gross vehicle weight rating of less than 14,000 pounds
- It is made by a manufacturer that has not sold more than 200,000 electric vehicles in the United States
To ensure your vehicle qualifies for the credit, you can use the IRS link: fueleconomy.com
Credit for Jeep Grand Cherokee 4xe Purchased in 2023
In 2023, a few changes were made to the requirements for receiving the federal tax credit. Yet when you buy a new Jeep Grand Cherokee 4xe this year, you can still qualify for a clean vehicle tax credit of up to $7,500. To qualify now, you must buy the Jeep for your personal use and use it primarily in the United States. Additionally, your modified gross income may not exceed the following:
- $300,000 for married couples filing jointly
- $225,00 for heads of households
- $150,000 for all other filers
You can use your modified adjusted gross income from the year you took delivery of the vehicle or the year before, whichever is less. Plus, you can claim the credit if your modified adjusted gross income is below the threshold in 1 of the two years.
Credit Amount
The amount of the credit depends on when you placed the vehicle in service (took delivery) of the car, regardless of the purchase date. For vehicles placed in service from January 1, 2023, to April 17, 2023, the credit amount is based on the following:
- $2,500 base amount
- Plus, $417 for a vehicle with at least 7 kilowatt hours of battery capacity
- Plus, $417 for each kilowatt hour of battery capacity beyond 5 kilowatt hours
- Up to $7,500 total
There are slight requirement differences for vehicles purchased after April 18, 2023. On this day, a new requirement was issued that the car meets critical mineral and battery components to qualify for the credit. The vehicle must meet all the criteria listed above, plus meet the new critical mineral and battery component requirements for a credit up to:
- $3,750 if the vehicle only meets the critical minerals requirement
- $3,750 if the car only meets the battery components requirement
- $7,500 if the vehicle meets both
There are also vehicle requirements, and Jeep has ensured that the Jeep Grand Cherokee 4xe meets those requirements. For your part, you will need to buy your vehicle new. Once you have purchased the Jeep, our knowledgeable sales associate will report your name and taxpayer identification number to the IRS for you to be eligible to claim the credit. When it is time to file your taxes, you must include file form 8936 titled Qualified Plug-In Electric Drive Motor Vehicle Credit and provide your VIN.
Purchasing a Jeep Grand Cherokee 4xe from Wolfchase CDJR
Wolfchase Chrysler Dodge Jeep Ram, is pleased to offer our assistance in helping you receive a significant tax credit on the incredible Jeep Grand Cherokee 4xe. Our sales associates and financing team stay up to date concerning any tax credits, manufacturer incentive programs, and seasonal sales that we offer, so they can get you the best deal possible. We want to ensure you have a stress-free buying experience, so we take pride in providing everything you need to feel comfortable. If you think the Jeep Grand Cherokee 4xe is the right vehicle for you, we would love to help you get behind the wheel of one today.
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