Final answer:
Joshua's tax credit amount for purchasing a qualified plug-in electric vehicle on June 2, 2022, could range from $2,500 to $7,500, largely dependent on the vehicle's battery capacity. To confirm the precise credit applicable, it would be best to check the current IRS rules or consult with a tax advisor.
Step-by-step explanation:
The question pertains to the tax credit Joshua may be eligible for after purchasing a qualified plug-in electric motor vehicle. The credit amount can vary based on several factors such as the make and model of the vehicle and its battery capacity. For plug-in electric vehicles (EVs), the federal tax credit can range from $2,500 to $7,500 based on the capacity of the battery used to power the vehicle. There are certain requirements and caps for the credit depending on when the vehicle was placed in service, the manufacturer's sales, and other IRS regulations.
Typically, the larger the battery capacity, the higher the credit up to the maximum allowed. Moreover, given the rapidly evolving rules and phase-outs for these credits, it is critical to consult the latest IRS guidance or a tax professional to determine the exact credit amount Joshua may qualify for, as it is subject to change.