A new group of electric cars is now eligible for the $7500 credit. It was created as part of the $430 Billion tax bill. Inflation Reduction ActOne year ago.
Some models that were added to the list lost eligibility due to their manufacturer exceeding their credit sales limit of 200,000 vehicles (Tesla models and Chevy Bolts). Others have moved their production to North America in recent years to meet a crucial requirement (VW ID.4).
There’s still much to be done.
There’s still a lot up in the air right now– The Treasury has made the following determinations March deadlineTo provide guidance on some of most difficult issues surrounding sourcing battery materials and other rules that could reduce the eligibility list if enacted. However, for now, only electric vehicles qualify.
Biden administration is being pressed by foreign automakers to give them a cut, while Senator Joe Manchin (D–WV) is threatening block implementation to stop companies from taking advantage of loopholes. Tesla’s CEO Elon Musk complainsIt’s confusing that certain Tesla Model Y versions exceeding the $80,000 price limit don’t qualify, but a lot of hybrid Jeeps do.
Bottom line: Talk to an accountant if you aren’t sure if the new EV that you’re considering buying qualifies for credit. Every state has at minimum a few CPAs who can help you navigate through the EV tax credit craze. They can also inform you about any state incentives that might be available.
This is a good place to start, but don’t forget the last.
The EV is eligible to receive a $7,500 tax credit
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