Tag: tax credit

Well, the time has finally come as another round of tax credit adjustments has hit the electric vehicle market. First started in 2009 by President Obama, the EV tax credit was enacted to help encourage Americans to purchase electric vehicles with a phaseout period after a manufacturer sells 200,000 vehicles. At the time the tax […]

Qualifying For EV Tax Credit In 2022 In order to qualify for the tax credit, all of these rules need to be met: The car must be new or have been used for fewer than 2 years, It must be bought for personal use or commercial business use, You should buy it after 12/31/2022, It […]

Five Main Metrics to Consider Your income: The new laws are meant to give tax credits to the people who need them—the lower income groups. With that in mind, there are income caps. A person filing taxes as ‘single’ can have no more than $150,000 modified adjusted gross income (AGI). A couple filing jointly has […]

Key Points Used EVs which cost a maximum of $25,000 will be eligible for the credit once it enters into effect on 1 January 2023. The purchase will have to be made from a licensed dealer to qualify for the credit. Only automobiles assembled in North America will be eligible. While most of the buzz […]