The vehicle cannot get any "double benefit" - i.e., it cannot be claimed for both the Clean Vehicle Credit and the commercial credit (the VIN is required to prevent this).
In general, North America includes the United States and Puerto Rico, Canada, and Mexico for purposes of determining the location of final assembly. For 2023, in addition to the above requirements, an EV vehicle purchased after Augmust also be assembled in North America and the critical materials for the battery must be from the U.S.Be made by a manufacturer that hasn't sold more than 200,000 EVs in the U.S.Have a gross vehicle weight rating of less than 14,000 pounds.In general, to qualify for the EV tax credit, the EV vehicle must:.The 200,000 vehicle cap (described below) is being removed, thus certain Tesla and GM vehicles may qualify for the credit.As a qualified buyer, you will put the vehicle into service, not resell it, and you will only claim this credit once in a three-year period.Because it is a tax credit, whether taken as a cash payment or paid directly towards the vehicle, this credit is not included in the gross income of the taxpayer and is not deductible for the dealer or salesperson.In other words, advance payments of this credit are treated in the same manner as a tax refund would be treated. If you claim the credit when buying the vehicle and were ineligible for it or your tax refund is subject to recapture, you may end up paying this credit back.This means the EV tax credit can be used in the form of cash or as a partial payment or down payment towards the vehicle. Qualified EV dealers and salespersons are to address the value of the allowed credit for the vehicle(s) in question prior to the sale. The credit is now claimed upfront or at the point of sale, going towards the cost of the car this means the credit will be paid in advance and is nonrefundable.Here are the key points of the Clean Vehicle Credit as part of the new bill set to go into effect in 2023: As many are noticing, due to inflation, there are currently few electric vehicles on the market which qualify for the credit due to the pricing restriction. The EV tax credit is still worth up to $7,500 and will be renewed to abide by the following guidelines in January of 2023 and will last for ten years through 2032.
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Theodor Vasile, latest IRS tax credit updates on electric vehicle purchases:Īs part of the Inflation Reduction Act (725 page PDF file) or IRA, the new EV tax credit has been reintroduced with some enhancements, now being called the Clean Vehicle Credit instead of the much longer Plug-In Electric Drive Motor Vehicle Credit. Electric Vehicle Tax Credit for 2022, 2023
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