Are you considering the purchase of a NEW electric vehicle (EV), plug-in hybrid, or fuel cell electric vehicle in 2024 or did you purchase one in 2023?
The federal income tax credit for these eco-friendly vehicles is a significant incentive. Here's a breakdown of the key details: 1. Maximum Credit of $7,500:
2. Eligibility Criteria:
3. Vehicle Requirements:
4. Critical Minerals and Battery Component Requirements:
5. Final Assembly Location Verification:
6. MSRP Definition:
7. Filing for the Credit:
8. Changes Starting January 1, 2024:
9. Eligibility Verification:
10. Buyer Responsibilities:
Navigate the Federal Tax Credit for Pre-owned Electric Vehicles 1. Federal Tax Credit for Pre-owned Electric Vehicles:
2. Credit Details:
3. Qualification Criteria:
4. Exclusions:
5. Who Qualifies:
7. Income Thresholds:
8. Vehicle Requirements:
9. Qualified Sales:
For additional information on the Federal Electric Vehicle Tax Credit please contact your Cornbelt Financial representative today. Comments are closed.
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AuthorAdam Carr, MBA, EA Archives
January 2024
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