automotive-finance12.17 min read
"2024 Guide to Remaining Electric Vehicles Eligible for U.S. Tax Credits"
2 years ago•Source: Electrek.co
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4.29 min•2 years ago
"Updated EV Tax Credit Eligibility: 13 Models Qualify, with Alternatives for Faster Discounts"
The IRS has updated the electric vehicle tax credit rules for 2024, reducing the number of eligible vehicles for the federal tax credit and the maximum amount available. However, consumers can now receive the credit at the time of purchase rather than waiting for tax filing, and leasing offers a way to benefit from credits on ineligible vehicles. State and local incentives remain unaffected. Automakers are adapting to these changes by shifting their supply chains, which could make more models eligible in the future. The eligibility of specific vehicles, including popular models like the Tesla Model 3 and Ford F-150 Lightning, can be checked using the VIN on the IRS website.
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"Understanding the 2024 EV Tax Credit: Qualifications and Eligible Vehicles"
Business Insider•2 years ago
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"2024 Guide to Qualifying EVs and Teslas for the $7,500 Tax Credit"
The IRS has released a significantly reduced list of electric vehicles (EVs) and plug-in hybrids (PHEVs) that qualify for a tax credit in 2024 due to new restrictions targeting battery components sourced from China. Notable exclusions include General Motors' new EVs and the Ford Mustang Mach-E, while Tesla's Model Y and Rivian models remain eligible. The list has shrunk from 43 to 19 models, but more vehicles may be added as automakers submit documentation. The tax credit now applies at the point of sale, and leasing any EV still grants the full credit, offering some relief to consumers and manufacturers.
"Understanding the 2023 EV Tax Credit: Eligibility and Changes for Tesla, Ford, and Chevy"
Starting January 1, the federal EV tax credit rules will change, disqualifying certain electric vehicles from receiving up to $7,500 in tax credits. Notably, the Tesla Model 3 (rear-wheel drive and long-range versions) and the Ford Mustang Mach-E will lose their eligibility due to new requirements on component sourcing, specifically excluding those with parts made in China or by Chinese-owned companies. The tax credit will also be applied at the time of purchase rather than retroactively.