Earlier this year,
the United States made a decision that could be vital in encouraging the purchase of electric vehicles. The Administration
launched a tax credit for which many citizens can opt for a benefit of up to $7,500 if they purchase an electric car.
However, it must be taken into account that there are a series of demanding requirements that must be met in order to be able to purchase this form of transport, which is safer and cleaner for the environment.
The requirements
Several requirements must be met in order to be able to acquire the $7,500 provided for owning one of these cars. First of all, the electric vehicles must be manufactured in the United States. This in itself is a bit more complicated, there are two parts in which the economic amount that can be perceived is divided.
The first half of the credit, $3,750, is based on
the vehicle possessing at least 40% of vital battery materials made in the United States, or, at least, in countries that have free trade agreements with the North American territory. The rest of the money will depend on whether
at least 50% of the components of the car meeting the conditions mentioned above.
These two concepts must be kept in mind as they
will change in future years. For battery materials, there will be gradual increases starting in 2024. This goes from from 40% to 60% in 2025, to 70% in 2026, and, finally, to 80% in 2027.
In a similar case are the components. Next year, there will be a 10% increase to 60%. In 2026, it will rise to 70%, to 80% in 2027, to 90% in 2028, and finally, in 2029, 100% will have to come from the United States or countries with which it has agreements.
Weight and battery capacity amongst other limits
It is
not only the materials used in the cars that play a major role in qualifying for the bonus. Other factors also come into play, such as battery capacity or weight. In the first case, the vehicle must have a range of seven kilowatts per hour.
In the vehicle weight situation, the IRS requires
the gross vehicle weight rating to be less than 14,000 pounds (6,350.29 kilograms). Likewise, the manufacturer also plays an essential role. According to the document released by the IRS, it must be one that is authorized in
this list.
The tax is
only for those with salaries of $150,000 or less. Likewise, households earning $225,000 will be able to receive this bonus, as well as joint taxpayers earning $300,000.
Used electric vehicles also receive a rebate
For used vehicles, a credit equivalent to 30% of the sale price is offered. This could be as much as $4,000. A series of requirements must be met in order to qualify for this element:
- The vehicle must have been purchased for use and not for resale.
- You must not be the original owner.
- There must be no claims as a dependent on the tax return of another citizen.
- Must not have applied for another credit in the three years prior to the purchase of the electric vehicle.
- Have an adjusted gross income, which depends on the case. In the case of a married filing jointly or a living spouse, it will be $150,000. In the situation of a head of household, it will be $112,500. Finally, for other taxpayers, this element will be 75,000.
en.as.com
driveclean.ca.gov
