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Evincentives

All articles tagged with #evincentives

automotive-finance2 years ago•12 min saved

"2024 Guide to Remaining Electric Vehicles Eligible for U.S. Tax Credits"

The U.S. federal tax credit for electric vehicles (EVs) remains at up to $7,500 under the Inflation Reduction Act, with the credit now available for vehicles purchased between 2023 to 2032. The credit is non-refundable and depends on the buyer's tax liability and the vehicle's specifications, including assembly location and battery component sourcing. The act also introduces a $4,000 credit for used EVs under certain conditions. The IRS has updated guidance to allow for point-of-sale credits starting January 1, 2024. A list of qualifying new BEVs and PHEVs, along with their MSRP limits and credit amounts, is provided, and the article includes details on how to determine vehicle assembly locations using VINs, state tax incentives, and frequently asked questions about the EV tax credit.

via Electrek.co|

##automotive-finance #electricvehicles

automotive-finance2 years ago•4 min saved

"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.

via CNN|

##autoindustry #automotive-finance

automotive-finance2 years ago•3 min saved

"Understanding the 2024 EV Tax Credit: Qualifications and Eligible Vehicles"

The list of electric vehicles (EVs) eligible for the $7,500 federal tax credit has been significantly reduced due to new restrictions on materials sourced from China and other countries deemed a "foreign entity of concern." Automakers are now incentivized to shift battery production to the U.S. to maintain eligibility for the credit. Currently, only 13 EV models, including the Chevrolet Bolt EV and EUV, still qualify for the full or partial credit. Consumers can verify a vehicle's eligibility using its VIN on fueleconomy.gov.

via Business Insider|

##automotive-finance #batteryproduction