Those who buy new electric vehicles may be eligible for a tax credit of up to $7,500, and used electric car buyers may qualify for up to $4,000. Beginning in 2024, consumers can also opt to transfer the credit to an eligible dealer instead for an immediate discount on the vehicle at...
If you want to get more specific, the tax code that created the EV lease tax credit loophole is referred to as the “Commercial Clean Vehicle Credit“. And, really, the only requirement for eligibility for a $7,500 Commercial Clean Vehicle Credit is that the EV battery be at least 7...
A federal tax credit funded through the Inflation Reduction Act can currently shave up to $7,500 off the price of Tesla’s Model 3, but that’s about to drop in half. The tax credit will fall to $3,750 by January 1st, 2024 for the Model 3 Rear-Wheel Drive and Model 3 Long Ran...
The list of EVs eligible for a federal tax credit shrank at the start of 2024, but it's already growing again. Find the current list here.
In 2024, several EVs are eligible for the federal government's tax credit program, which can reduce what you owe the IRS by up to $7500 for a single tax year.
John Roe|Car and Driver UPDATE, 4/19/2023: The Department of Energy has released full information on the tax incentives and what vehicles are eligible (or not). See the full list here. Volkswagen has confirmed that its U.S.-built ID.4 qualifies for the full $7500 federal incentive. Las...
New EVs and PHEVs Leased in 2024 Vehicle lessees are not entitled to any tax credits. When you lease a vehicle, the automaker’s bank owns it, and the automaker and dealership are entitled to the tax credit. The bank can, however, pass some or all of this tax credit savings onto you...
The 2024 Chevrolet Equinox EV’s combination of price, feature content, and range is hard to beat, and that’s before considering the $7,500 federal tax credit few competitors qualify for. Its eye-catching design, family-friendly interior, and modern, easy-to-use tech make it more than ju...
manufacturers to build out a domestic EV supply chain through the Inflation Reduction Act, which stipulates that vehicles containing battery components from a “foreign entity of concern”, such as China, will no longer be eligible for its $7,500 federal tax credit from January 1, 2024. ...
More:The Complete List Of Cars Eligible For The $7,500 EV And PHEV Federal Tax Credit Keep in mind that the EPA / government classifications and regulations we explain below differ and often clash with those on the EPA’sFueleconomy.gov websitethat are governed by separate ru...