Maximizing EV Tax Credits: Tips and Tricks.
TL;DR Summary
The IRS has updated the EV tax credit with new battery sourcing requirements, which will lower purchase credit amounts for many new EVs. However, the restrictions can be bypassed on consumer-leased vehicles, as the law defines individual and commercial credits differently. Leasing allows EVs to avoid the foreign-assembly restriction of the law if they are leased, not purchased. This means that as long as the vehicle fulfills the requirements of commercial credits, then a lessor can file for the $7,500 EV tax credit, which can be passed along to the consumer in the form of reduced lease payments.
- How to bypass nearly every restriction of the EV tax credit by leasing Electrek.co
- How to Get $7,500 Off an EV Even if It Doesn’t Qualify for IRS Tax Credits. Barron's
- IRS Issues Arcane Rules for EV Tax Credits Autoweek
- Editorial: Too few EVs eligible for new tax credit Los Angeles Times
- Many Ultium-Based GM EVs Will Benefit From Full EV Tax Credit GM Authority
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