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Evtaxcredits

All articles tagged with #evtaxcredits

automotive-finance2 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.

via CNN|
##autoindustry#automotive-finance
automotive-finance2 years ago

"Understanding the 2024 Shift in Electric Vehicle Tax Credit Eligibility for Tesla and Other Automakers"

Tesla has updated its website to reflect the electric vehicle (EV) models eligible for the Inflation Reduction Act's (IRA) tax credits in 2024. The eligible models include the Model X Dual Motor AWD, Model 3 Performance, and various Model Y configurations, with the base Model 3 and Long Range variant no longer qualifying. To receive the $7,500 tax credit, customers must meet specific IRS requirements, including income limits and the stipulation that the EV must be for personal use and primarily used in the U.S. The IRA also excludes EVs with components from foreign entities of concern, such as China and Russia.

via TESLARATI|
##automotive-finance#electricvehicles
automotive-business2 years ago

"Several EV Brands, Including Tesla, Nissan, and GM, Face Loss of US Tax Credits"

The U.S. Treasury announced that many electric vehicles, including the Nissan Leaf, Tesla Cybertruck All-Wheel Drive, some Tesla Model 3s, and Chevrolet Blazer EV, lost eligibility for federal tax credits due to new battery sourcing rules aimed at reducing dependence on China. The number of qualifying EV models dropped from 43 to 19. Automakers are adjusting supply chains to meet the new requirements, with some vehicles expected to regain eligibility in 2024. The changes are part of the 2022 Inflation Reduction Act, which mandates North American assembly for tax credit qualification.

via Reuters|
##automotive-business#batterysourcingrules
automotive-finance2 years ago

"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.

via Business Insider|
##automotive-finance#electricvehicles