In 2024, the EV Tax Credit offers a big discount for electric car buyers, but the list of eligible cars is small. This is because the rules for qualification got stricter, focusing on where battery materials are sourced and where the batteries are made. However, experts believe the list will grow over time as automakers adapt to meet the requirements.
Discover Which Electric Vehicles Qualify for the EV Tax Credit 2024!
Currently, there are only a handful of electric vehicles that qualify for the full or partial EV Tax Credit 2024. These include models from Chevrolet, Ford, Rivian, Tesla, and Volkswagen. The tax credit amount varies depending on the vehicle, with some eligible for the full $7,500 credit and others for a partial $3,750 credit.
To qualify for the EV Tax Credit 2024, the car’s manufacturer must meet certain criteria, such as assembly location, income limits, and battery component requirements. For example, at least 40% of the critical minerals in the EV’s battery must be extracted or processed in the US or a country with a free trade agreement with the US.
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Navigating the EV Tax Credit 2024 for Electric Vehicle Buyers!
Claiming the EV Tax Credit 2024 is now easier, as dealerships can apply the discount at the point of sale. However, not all dealerships offer this upfront discount, so buyers should confirm eligibility before purchasing. Additionally, buyers need to ensure their income falls below certain limits to qualify for the credit, as the IRS could reclaim it if income exceeds the threshold.
It’s also worth noting that state-level EV rebates may be available in addition to the federal credit, providing even more savings for buyers. Overall, while the current list of eligible EVs may be limited, the EV Tax Credit 2024 still presents a significant opportunity for savings for those looking to make the switch to electric vehicles.