Does your EV qualify for a full tax credit under the new IRS…

Does your EV qualify for a full tax credit under the new IRS…

Facebook
Twitter
LinkedIn

The new rules for Federal Tax Credit EV regulations come into effect Tuesday, throwing some vehicles off the shelf entirely and diminishing the benefits for others.

What happened: New guidelines announced by the Internal Revenue Service surrounding the $7,500 EV-related tax credit require that a certain percentage of battery materials and components be sourced from North America or a US trading partner.

Other policies – which require an SUV to be priced under $80,000 and a car to be priced under $55,000; vehicles to be manufactured in North America; and individuals with a modified adjusted gross income limit of $150,000 – are already in effect.

The IRS is expected to release an updated list of vehicles eligible for the tax credit on Tuesday based on the updated rules.

Under the updated rules, the $7,500 tax credit is split into two separate credits of $3,750. Beginning Tuesday, vehicles could qualify for both, one or neither of the credits, NPR reported.

Based on its discussions with automakers, the outlet also created a list of potential vehicles that could benefit from the updated guidelines.

See also: The best stocks for electric vehicles

EVs that qualify for a full $7,500 credit:

  • General Motors Corp. GM Cadillac Lyriq
  • Chevrolet Silverado EV
  • Tesla, Inc. TSLA Model 3 performance variant
  • Ford Motor Co. f F-150 Lightning EV pickup truck
  • Ford’s Lincoln Aviator Grand Touring
  • Chrysler Pacifica plug-in hybrid from GM

EVs that could qualify for either a $3,750 or $7,500 credit:

  • Chevy Bolt by GM
  • Chevy Bolt EUV
  • Volkswagen AG VWAGY ID.4 vehicles made in Tennessee only

EVs likely to qualify for a $3,750 credit:

  • Tesla Model 3 RWD
  • Ford Mustang Mach-E
  • Ford E Transit
  • Ford Escape plug-in hybrid
  • Ford Lincoln Corsair Grand Touring Plug-in Hybrid
  • Stellantis NV STLA Jeep Wrangler 4xe
  • Jeep Grand Cherokee 4xe

E-vehicles that don’t qualify for taxes…

[ad_2]

Source story

More to explorer