Looking to save up to $7,500 at tax time and get a new ride too? Check out our list of the top electric cars, trucks and SUVs that are available with the newly revamped federal EV tax credit.
California Gov. Gavin Newsom announced Monday that the state would renew a rebate program for electric vehicles if the incoming Trump administration eliminates the current federal tax credit.
California Gov. Gavin Newsom announced Monday that the state would renew a rebate program for electric vehicles if the incoming Trump administration eliminates the current federal tax credit.
Electric Vehicles that Qualify for the Federal Tax Credit The nature of the incentive has changed since originally conceived however, and is now more an inducement for carmakers to produce electric vehicles and electric-vehicle batteries in North America than it is a consumer perk. That said, con...
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 The previous law has been replaced by a series of rules that consider vehicle price, the source of battery compone
DETROIT (AP) — A tax credit of up to $7,500 could be used to defray the cost of an electric vehicle under the Inflation Reduction Act now moving toward final approval in Congress. But the auto industry is warning that the vast majority of EV purchases won’t qualify for a tax credi...
Put in place early on in the Obama administration, the tax credit was seen as a tool that could be used to encourage customers to buy plug-in electric or hybrid vehicles. This would simultaneously help advance the president’s climate and clean energy goals while offering consumers a bit of...
However, if you get 21.5 to 22.5 miles a gallon, you’ll pay an extra $1,000 for this tax; and up to $7,700 if your vehicle gets worse than 12.5 miles to the gallon. This tax applies only to new car purchases, so you won't pay it when you buy a used vehicle, regardless of...
Tesla has been faring better than GM since it used up its quota for the federal tax credit. 2020 saw Tesla sell almost 500,000 vehicles—a phenomenal record for electric car sales. Tesla has been topping Consumer Reports’ list of the most liked car brands, with its least expensive offering...
“car guy,″ often promises to lead by example by moving swiftly to convert the sprawling federal fleet to zero-emission electric vehicles. But efforts to help meet his ambitious climate goals by eliminating gas-powered vehicles from the federal fleet have lagged. Credit: AP Photo/Paul Sancya,...