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ELECTRIC CAR TAX CREDITS

Are you all about getting the most money back out of your taxes?
Do you care about the environment?
Well, 2021 could be the year for you to do both. Currently, all mass-produced battery electric vehicles with very few exceptions are eligible for the $7500 full tax credit in America. except for those produced by tesla and general motors, they have exceeded their cap of 200,000 sold. However, with the ongoing chip crisis, high prices, and a new bill pending. You may want to wait because if that bill passes, your tax forgiveness may go up considerably to $12,500 in the future. If you can wait until the chip crisis is over, car prices come down, and the new bill passes through all stages of government, you should do so. you will likely be better off.

Easier said than done right? It will be significantly easier if everyone except Tesla and General Motors made commercially available electric batteries. Check with an accountant or financial advisor before you make any moves or get your expectations up. Mainly to make sure that you are eligible because certain restrictions do apply, and these things change fast.

Let’s say this all falls in alignment, then what? The new laws at the federal level would be implemented, following official congressional approval, then the build-back better act and its potential $12,500 electric vehicle credits await claiming. The new criteria are as follows:
-Federal tax credit for electric vehicles jumps from $7,500 to up to $12,500
-Zero-emission vans, SUVs, and trucks with MSRP up to $80,000 qualify
-The total electric vehicle tax credit will be available to individuals reporting adjusted gross incomes of $250,000 or less $500,000 for joint incomes
-Electric vehicles must be made in the US starting in 2027 to qualify for any of the $12,500 credit eliminates tax credit cap after automakers hit 200,000 EVs sold.

Hopefully, this can act as your quick go-to guide when you get ready to claim your federal tax credits for purchasing an electric vehicle

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Published on: December 5, 2021

Filled Under: Videos

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