Federal Incentives for Electric Cars in 2024: Quick Guide
Electric vehicles (EVs) are becoming increasingly popular, and the federal government is offering incentives to make them more affordable. Here's what you need to know:
Instant Tax Rebates: Qualifying customers at dealerships can receive instant tax rebates of up to $7,500 on select new EVs and plug-in hybrids.
Eligible Vehicles: Not all EVs qualify for the tax credit. For example, the Ford Mustang Mach-E and certain Tesla models no longer qualify in 2024.
Price and Income Limits: Tax credits are available for new electric cars with MSRPs up to $55,000 and $80,000 for trucks, SUVs, and vans. Income caps apply, with $150,000 for single filers and up to $300,000 for joint filers.
Used EV Incentive: A $4,000 tax credit is available for used EVs priced under $25,000, with similar income restrictions.
Battery Requirements: To qualify, EV batteries must be assembled in North America with a significant portion of their minerals coming from the continent.
Charging Installation Rebate: A 30% tax credit up to $1,000 is available for home EV chargers and installation, valid through December 31, 2032.
State and local incentives, as well as electric utility programs, can provide additional savings. For the full list of qualifying vehicles and detailed information on how to claim these incentives, visit the U.S. Department of Energy website or consult with a tax professional.
Remember, incentives can change, so it's always best to check the latest information before making a purchase.
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