All articles tagged with #clean vehicle credit
The IRS has issued FAQs regarding the termination of several energy-related tax provisions under the OBBBA, clarifying the expiration dates and availability of new credits such as the clean vehicle and energy-efficient home improvement credits.
Slate's affordable electric truck's price has increased from under $20,000 to the mid-$20,000 range, likely due to the elimination of the clean vehicle credit, making it less competitive compared to other pickups like the Ford Maverick. The truck features a rear-mounted motor, various battery options, and a range of up to 240 miles.
Starting January 1, 2024, the federal EV tax credit in the US will be transformed into a point of sale rebate, allowing consumers to transfer up to $7,500 in new clean vehicle credit and up to $4,000 in previously owned clean vehicle credit to the car dealer. This will effectively lower the purchase price of the vehicle at the time of sale, eliminating the need to wait until tax return filing. The new rules also remove the requirement for consumers to have tax liability and allow low-income shoppers to benefit from lower monthly payments. Dealers will report sales to the IRS and receive reimbursement within 72 hours, while buyers will receive written confirmation of the credit eligibility. Income and price limits still apply, and used EVs must be for personal use.