It's Electric! Tax Credits for EV's in USA
It's electric and Journalist Elizabeth Weise in USA Today ask the question, "Should I Buy an EV". We ask should you have your current vehicle converted to electric? And yes, the Brat is back!
We wrote a story and video clip on converting an old Subaru Brat which was extremely popular and darned if we didn't come across another and began talking tax credits for the millions of car owners wanting to go hybrid or full electric using what they already drive. The conversion people like Auto Archives and thousands of She and Mechanics are doing just that across the USA!
Regarding new cars, Ms. Weise write "Electric vehicles are going mainstream in a major way. Last year they made up an impressive 7.1% of all new cars purchased. Look for those numbers to take another leap forward in the future as $7,500 tax breaks kick in for some electric cars and trucks.
It's part of the Inflation Reduction Act, a landmark piece of legislation passed in August of 2022 that offers financial incentives for Americans to buy electric when it comes to cars and appliances as the nation moves away from fossil fuels. There are also incentives for upgrading appliances and greening your home."
New or converted?
This could go a long way toward helping the United States shift to carbon-free energy. Transportation was the largest source of US greenhouse gas emissions in 2022, according to the Sustainable Energy in America 2023 Factbook.
While the Act itself was passed eight months ago, many of the details are still being worked out, so figuring out if you or the car you want qualifies isn't easy and much remains up in the air. You'll need to carefully check your personal eligibility and the eligibility of the car — and the latter can rapidly change.
The tax credit could get more difficult to access soon, when battery sourcing requirements come into play, possibly restricting what cars qualify. But things should get easier in 2024 when you can transfer the tax credit to your dealer so you get an upfront discount.
Full article here and thank you Tin Lizzie and Elizabeth!
EV buying guide: How do electric car tax credits work? When to buy. (usatoday.com)