Eligible electric and plug-in vehicle buyers to get US tax credits at purchase in 2024

Starting next year, people who want to buy a new or used electric or plug-in hybrid vehicle will be able to get U.S. government income tax credits at the time of purchase.Eligible buyers, including those that bought an EV or hybrid this year, have had to wait until they filed their federal income tax returns to actually get the benefits.

To be eligible, electric vehicles or plug-ins have to be manufactured in North America. SUVs, vans and trucks can't have a sticker price greater than $80,000, while cars can't sticker for more than $55,000. Used electric vehicles can't have a sale price of more than $25,000.There also are income limits for buyers set up to stop wealthier people from getting the credits.

Energy Energy Latest News, Energy Energy Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Eligible electric, plug-in vehicle buyers will get US tax credits immediately in 2024Starting next year, people who want to buy a new or used electric or plug-in hybrid vehicle will be able to get U.S. income tax credits at the time of purchase
Source: ABC - 🏆 471. / 51 Read more »

Eligible EV Buyers to Get Tax Credits in 2024Starting next year, people who want to buy a new or used electric or plug-in hybrid vehicle will be able to get U.S. government income tax credits at the time of purchase.
Source: NEWSMAX - 🏆 16. / 71 Read more »

Eligible electric and plug-in vehicle buyers will get US tax credits immediately in 2024Starting next year, people who want to buy a new or used electric or plug-in hybrid vehicle will be able to get U.S. income tax credits at the time of purchase. The Treasury Department says the near-instant credits of up to $7,500 for an eligible new vehicle and $4,000 for a qualifying used vehicle should lower purchasing costs for consumers. This year eligible buyers can receive the credits, but they have to wait until they file their 2023 federal income tax returns to get the money. Under the Inflation Reduction Act buyers can transfer the credits to dealers, which can apply them at the point of sale starting Jan. 1. The vehicles have to qualify under guidelines spelled out in the law, and buyers’ incomes have to fall below limits.
Source: AP - 🏆 728. / 51 Read more »

Eligible electric and plug-in vehicle buyers will get US tax credits immediately in 2024Starting next year, people who want to buy a new or used electric or plug-in hybrid...
Source: SFGate - 🏆 534. / 51 Read more »

EV buyers will get an instant rebate of as much as $7,500 starting in 2024People buying a new electric vehicle will get an instant rebate of as much as $7,500 starting in 2024, according to new guidance from the Treasury Department.
Source: verge - 🏆 94. / 67 Read more »