![]() For married couples filing jointly, it can’t exceed $300,000. For heads of household, it can’t exceed $225,000. When it comes to new cars, for single filers, it cannot exceed $150,000. Buyers can use the modified adjusted gross income from the year the car was delivered, or the year before. Trucks, vans, and SUVs may cost no more than $80,000 - all other cars must be $55,000 or less. There is a price cap, too, which differs based on the type of vehicle. The other half of the credit depends on whether or not the battery was assembled or manufactured in the U.S. And in 2025, cars with any battery minerals or components from countries of concern will be excluded from the credit. or countries with a free trade agreement with the U.S. To be eligible for $3,750 of the credit, 40% of the battery minerals must come from the U.S. Buyers of used electric cars can still get a credit, but it’s limited to $4,000 instead. To qualify for the federal EV tax credit, cars and manufacturers have to satisfy a number of requirements.įor starters, buyers may only qualify for the full $7,500 EV tax credit if they buy a new car. What are the requirements of the credit? Rivian The best electric cars you can buy in 2023įord EV drivers can use 12,000 Tesla Superchargers starting in 2024 Big EVs are almost here: 7 upcoming electric SUVs we’re excited for
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