EV tax credits explained – KTSM 9 News
The Inflation Reduction Act of 2022 revises electric vehicle and plug-in hybrid tax incentives
The original credit, officially known as the “Qualified Plug-in Electric Drive Motor Vehicle Credit”, was instituted over a decade ago. It created a tax credit amount between $2,500 and $7,500 based on a specific qualifying vehicle’s battery capacity. There was also a 200,000-unit limit to how many zero-emissions electric cars a single manufacturer could sell before the credit would phase out and eventually be eliminated. Two automakers, General Motors and Tesla, had already hit this limit in recent years, with a few more getting very close in 2022
But the passage of the Inflation Reduction Act of 2022 has altered the existing rules for the federal tax credit, removing the 200,000 limit, extending the up-to-$7,500 credit through 2032…but also adding a new set of eligibility requirements based on the final assembly location of the vehicle and its battery components. New vehicle pricing and…
The post EV tax credits explained – KTSM 9 News first appeared on SEO, Marketing and Social News | OneSEOCompany.com.
source: https://news.oneseocompany.com/2023/07/29/ev-tax-credits-explained-ktsm-9-news_2023072948266.html
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.