It’s worth determining if you qualify, as the credit is worth up to $7,500. The Clean Vehicle Credit applies to purchasers of an electric drive motor vehicle meeting certain specifications. Who qualifies for the Clean Vehicle Credit? Read on as we share the details about the cars that qualify for a tax credit. There’s also a new Credit for Previously-Owned Clean Vehicles that benefits used electric vehicle buyers beginning in 2023. In 2023, the credit is renamed the Clean Vehicles Credit. Sound like something you qualify for? Claim the credit on IRS Form 8936. This means that the vehicle’s final assembly must occur in North America. Under the new law, cars bought after August 16, 2022, must also meet a “final assembly” requirement. But beware… a manufacturing limit applies, so the credit for some vehicles is reduced or unavailable in 2022. The credit is worth up to $7,500 (depending on battery capacity). This non-refundable tax credit is for four-wheeled plug-in electric vehicles that meet particular battery specifications. In 2022, the available credit you can take is the Qualified Plug-in Electric Vehicle Credit.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |