Are you thinking about purchasing an electric car? With the electric vehicle (EV) market growing rapidly, it’s an exciting time to consider a greener, more sustainable way of driving! 💚
However, before you take the leap and make a purchase, there are a few things you need to know:
💰 Tax Credits
- Biden administration proposes higher tax credit for American-made EVs
- Buyers of American-made EVs could receive up to $12,500 in tax credit
- Tax credits for EVs made by foreign companies may be lower than for American-made EVs
🚗 Eligibility Criteria:
- Only 16 vehicles qualify for the federal tax credit for electric car buyers
- The US government offers a tax credit of up to $7,500 for qualifying electric cars
- The tax credit begins to phase out after an automaker sells 200,000 qualifying vehicles
- American car companies Tesla and General Motors have already hit the 200,000 vehicle cap
- Foreign companies such as Nissan, Toyota, and Volkswagen have not yet hit the cap.
So, what’s the bottom line? Don’t buy an electric car without doing your research first!
Book a tax assessment with us today, and we’ll help you understand the benefits and limitations of electric cars, the tax credits available, and whether an EV is the best choice. 💯