Veazy III: Tax credit for electric vehicles
With the recent passage of the Inflation Reduction Act, the U.S. Department of Treasury and Internal Revenue Service (IRS) published initial information on changes to the tax credit for electric vehicles.
Beginning Aug. 17, the act’s new requirement that qualifying electric vehicles be assembled in North America goes into effect.
The U.S. Treasury and the IRS released guidance and FAQs with data on how the North America final assembly must operate, so consumers can figure out which vehicles are eligible and claim a credit of up to $7,500 after their purchase.
On Jan. 1, 2023, they may be eligible for a tax credit for used or previously-owned cars, and businesses may be eligible for a new, commercial, clean-vehicle credit.
The Department of Transportation and the Department of Energy published new sources to help buyers claim tax credits for an electric vehicle bought after the Inflation Reduction Act was signed by President Joe Biden.
Buyers and auto dealers can key in the vehicle identification number (VIN) of a particular vehicle into a website provided by U.S. Transportaion Department to figure out eligibility. Also, go to the U.S. Department of Energy’s published list of Model Year 2022 and early Model Year 2023 electric vehicles matching the final manufacturing assembly musts. Use the VIN number to confirm specs.
Emzy Veazy III