Electric vehicles (EVs) have had federal incentives for more than a decade. The Internal Revenue Service (IRS) previously administered a $7,500 credit that applied to hundreds of thousands of EV buyers. With the introduction of the Inflation Reduction Act, the IRS expanded access to the tax b...
In 2024, taxpayers also get another option: they can choose to transfer the tax credit to an eligible dealership instead of claiming it on their tax returns the following year. This would allow the dealer to lower the cost of the vehicle by the corresponding credit amount for an immediate po...
The government is offering consumers a federal tax credit of up to $7,500 for new EVs and up to $4,000 for used EVs. There are some strings attached, though, such as meetingcertain income and eligibility requirements. Over 150,000 people have taken advantage of the discount so far this ...
the individual tax credits for EV could be catastrophic for the automotive industry, which continues to seeEV sales numbers grow, and many companies are basing production goals on these growing sales numbers. If the tax incentive is revoked, it would make EVs more expensive and harder to sell....
Both of those are also eligible for the $7,500 federal tax credit. They generally qualify for any state or utility incentives, too. The out-of-pocket cost could easily end up below $20,000, for an EV with a decent range and some cargo room. Even fun-to-drive EVs with a long ...
Still, green vehicles come with a higher average upfront price tag than traditional car options. So, many states encourage drivers to purchase these vehicles by offering tax credits. The federal government offers a tax credit of up to $7,500 for qualifying new EVs and plug-in hybrids and $...
At China’s highly anticipated “Two Sessions” meeting last week, Beijing said its efforts to boost the new energy sector by various measures — including the reduction or exemption of purchase tax for EVs, supporting construction and other infrastructure measures —contributed to a 37.9% increase...
Because electric car servicing is still specialist knowledge to an extent, you won’t be able to take it to any garage when it needs looking at - make sure you go to a dealer or garage where EV maintenance is specified. Do you need a special license for driving EVs? No, you can driv...
many car companies wereslowing downtheir plans for rolling out EVs. The loss of the tax credit would be a major blow. But Tesla is already profitable, and its market share would likely grow. (After the election, the company’s stock alsosurgedbecause it’s now expected to get quick regula...
There's an irony to Musk's very public support of former President Donald Trump.The Inflation Reduction Act of 2022, signed by President Joe Biden, gave more funding to a revised $7,500 federal tax credit for EVs, significantly impacting Tesla's market position. Initially, Tesla had exhausted...