One of the topics most addressed by the current administration during its term is the so-called green agenda.
Among the measures implemented in this regard is the expansion of tax credits to taxpayers who use clean energy, measures updated on December 26, 2023.
This will allow those who have purchased an electric vehicle, whether new or used, to receive tax credits of up to $7,500, which must be requested in the current tax season.
If the car is new, then they would be entitled to the $7,500, and if the car is used, those who are selected will have a tax exemption of up to $4,000.
The non-refundable incentive aims to encourage taxpayers to join the purchase of electric vehicles and stop using fossil fuels, according to the policy of the Internal Revenue Service (IRS).
The Department of Energy’s publication indicates that “Fully electric vehicles, plug-in hybrids, and fuel cell electric vehicles purchased new in 2023 or later may be eligible for a federal income tax credit of up to $7,500”.
It should be clarified that this availability would depend on several factors among which are the vehicle’s MSRP, its final assembly location, the battery component and/or the origin of critical minerals, as well as its modified adjusted gross income (AGI).
Even so, the credit would also reach the same amount to those who have purchased a car of this type in 2023 and in lesser amounts, i.e., up to $4,000 to those who acquired it used.
- Vehicles that qualify purchased before 2023: Up to $7,500
- Used vehicles purchased in 2023 or after: Up to $4,000
- State and/or local tax incentives may also apply.
If you want more details, we suggest following this link where you will find all the details because there are several requirements, but among them, this is VERY IMPORTANT.
The IRS indicated that, as of January 1 of this year, tax credits for clean vehicles must be initiated and approved at the time of sale, so it would be advisable for the buyer to obtain a copy of the IRS confirmation that the dealership successfully submitted a report at that time.
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