One component of the bill would require that after 2024, no vehicle would be eligible for the tax credit if its battery components came from China. Most vehicles now have some parts sourced in China, the alliance said. Sen. Debbie Stabenow, a Michigan Democrat and a leading ally of Detroit...
Since 2010, the federal government has incentivized the purchase of new electric vehicles with tax credits. To date, many EV and plug-in hybrid (PHEV) buyers have benefited from this program. But how exactly does the tax credit work, and which cars are e
2022, in Highlands Ranch, Colo. The surprise deal by Senate Democrats on a pared-down bill to support families, boost infrastructure and fight climate change is likely to jump start sales of electric vehicles. Credit: AP Photo/David Zalubowski,...
We finally know which electric vehicles qualify for up to $7500 in federal tax credits this year, and the list is surprisingly short. A function of the Inflation Reduction Act which was passed into law last August, the new tax credit policy proved to be good news for General Motors and Te...
MY23 Volkswagen ID.4s with SK On battery components—base MSRP of $38,995 before the federal tax credit—and soon to be released MY24’s ID.4s are eligible for the full $7,500 federal tax credit, making them an even more affordable choice in elect...
Federal Tax Credit Under the Inflation Reduction Act, certain electric vehicles qualify for a $7,500 tax credit. For additional details, visit the IRS website. Personal Eligibility1 Your Adjusted Gross Income (AGI) cannot exceed a certain limit based on your tax filing. Married Couple Filing...
As of April 18, 2023, the federal income tax credit rules for electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs) changed. The previous law that only considered battery capacity is gone, replaced by a series of rules that also consider vehicle price, the source location of...
Following Tesla, General Motors is the second automaker in the United States with more than 200,000 electric vehicles sold to date. The threshold was hit in December 2018, meaning that customers of the Bolt EV will be eligible for a federal tax credit of $3,750 instead of ...
Considering an electric car? If so, you'll want to learn how much you could save with incentives. Find out which vehicles qualify.
Tesla's Model 3 Rear-Wheel Drive and Model 3 Long Range vehicles will no longer qualify for the federal government's full $7,500 tax credit for eligible EV purchases starting next year. TheEV giantannounced on its website that starting Jan. 1, 2024, the tax credit for the two variants...