to see which price cap applies to which vehicle. Then you have to check the manufacturer's website to confirm if the MSRP is under that price — and for the record, it doesn't matter if a dealer actually charges you more or less, the price cap is based on the MSRP.
And for now ... they don't have to. Until the IRS figures out the rules for meeting those requirements, which will be March at the earliest, the Treasury Department says the restrictions simply don't apply. The bit about the dealer lot is important. Wait times for electric vehicles have been incredibly long, so if you order a vehicle, eligibility rules may change before it arrives at your dealership.
On the other end of the income spectrum, for the next year, you have to owe at least $7,500 in taxes to get the full benefit of the credit. That's because the credit is applied against your tax bill — and you don't get a refund if your tax credit is bigger than your total tax liability.of people pay less than $7,500 in income taxes. Tens of millions of people, including many who earn more than the median income.
In late December, the IRS clarified that vehicles that are leased to consumers can be eligible for a version of the tax credit that is much, much easier to qualify for. It has no requirement that vehicles be made in the U.S., no price cap for vehicles, and no income caps. So if you want to lease a Kia EV6 from Korea, or a six-figure luxury sedan? Go to town.
Sorry do not 50000 laying around.
Good luck driving your EV in the snow.
Can they pay for our eggs
electric cars run on coal and natural gas
And remind us which party wrote and jammed this bill through? Do ahead. Say it.
Throw in a good selection of aftermarket customizations, drop the price another $10k, and they won’t be able to make enough of them. People are ready. Now is all we need are the charging stations.
More car subsidies 🙄
Weekend NPR trialing ChatGPT in monotone? Byline.
Hard pass
Another handout to the rich by the Democrats.
Its its anywhere near an SBA loan ,.....forget it !!!!
Trialing ChatGPT in monotone flavor?
The tax credit should only be available if the vehicle is union made.
Yea. Before Elon bought Twitter, the requirement is “Buy Tesla, get tax credit”. After Elon bought Twitter, no so much 🤣
Electric cars still suck. That’s all you need to know. They’re only food as a second, or weekend vehicle.
Yeah, we were pretty pissed they made the tax credit changes in the middle of August last year. We bought our car 1.5 weeks later only to find out the make/model had been removed from the list.
Better read about the nightmare of charging stations, being stranded, etc! Sounds horrific! Stick w/ a hybrid!
As soon as that tax credit was passed EV manufacturers jacked their prices essentially wiping out any savings...
What if you already own an EV? Not buying but already owned and (possibly) made in the United States.
Wait
convenient to publish this now after the Model Y price reduction. Biden-GM bill was designed to eliminate Model Y from getting the benefit and made no sense, until Tesla decided lower the price to insane level to help its customer while hybrid cars are getting all the benefit.
Biden hates Elon. Becusse Biden is a weak, ignorant crook. So … why make it easy? 🤣🤡‼️
In Ohio they charge you almost double for your car registration if you own a hybrid.
Typical. This could have been a relatively simple tax code to achieve the desired incentive outcome.
But not teslas for some reason
These complex formulas make it so most drivers won't benefit. It's a giveaway to higher income people.
why not Teslas
The only vehicle fully eligible for the $7500 when it was introduced increased its price by $8k. This is functionally just a kickback to EV manufacturers. Another missed opportunity to do actual journalism!
Wow. Thank you for this! The car we were looking at wouldn’t qualify.
Ah, the lure of the tax credit. The source of so much evil.
This robust industry needs government to subsidize people who can afford an expensive car, and is still not straightforward. Another boondoggle for the scam of climate change. I'll never buy an electric vehicle. Use more Fossil fuels
Still waiting on a non-commercial EV Truck which can carry 25K pounds.
The limitations are too strict.
If the government is offering it, you can be guaranteed it’s full of red tape and a total hassle.
1. The grids can’t support them all. 2. When battery life expires it’s 2/e’s of what you paid for the vehicle to replace.
Imagine if they offered a tax credit to people who biked and took public transit
also learn about cobalt sources
This is so bullshit. Some Vehicles qualify and some don't. They want you to buy an EV but, they make you jump thru too many hoops to get the rebate. Wtf. Come on people. We can all do better.
It's useless unless you can afford one..this administration sucks.
A $7500 tax credit still does not make the electric vehicle affordable for the average consumer.
It’s also a terrible waste of tax payers money.
Because the government can’t get their head out of their arse and have common sense policy