The Inflation Reduction Act (IRA), which was just enacted, includes an expanded tax credit for electric vehicles.
The IRA launched a commercial clean vehicle credit for business-use electric vehicles. And it is much better than the credit for personal-use electric vehicles.
STRICT AND COMPLEX REQUIREMENTS:
This vehicle credit comes with many restrictions, such as:
👉 It’s available only if your adjusted gross income is at most $300,000 (filing jointly, married) or $150,000 (single).
👉 Applies only to electric vehicles with a manufacturer’s suggested retail price below $80,000 for vans, SUVs, and pickup trucks; or $55,000 for other vehicles.
👉 Must pass complex tax law defined North American assembly and sourcing requirements that prevent many electric vehicles from qualifying.
The business-use electric vehicle credit is available for fully electric cars, plug-in hybrid, and fuel cell vehicles.
The maximum credit is $7,500 for electric vehicles with a gross weight rating of less than 14,000 pounds and a whopping $40,000 for electric vehicles with a GVWR of 14,000 pounds or more.
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