![]() ![]() ![]() ![]() The rule “allows the dealer who you purchased the vehicle from to essentially advance you the tax credit,” she said, which can reduce financing costs for buyers taking out auto loans. One “pretty major” change taking effect this year, Flores noted, is that consumers can now apply their full federal tax credit right away at dealerships, rather than having to wait to file their taxes to receive it. “That may be a more attractive strategy for many consumers in the next couple of years,” Turner said. Treasury considers leasing an EV a commercial transaction, exempting the vehicles from some IRA rules. Many of the excluded vehicles still qualify for discounts when leased, he said, because the U.S. If you’re really into the technology or certain nuances and you were looking at a certain thing, you may be disappointed.Īlison Flores, manager at H&R Block’s Tax Institute Yuki Iwamura / Bloomberg via Getty ImagesĪnd income caps still apply: Individuals making over $150,000 annually nor couples bringing in $300,000 qualify for the credits, which stop at electric sedans over $55,000 and SUVs and trucks over $80,000. Tesla has been cutting prices on some versions of the Model Y, among other vehicles, in recent months. The punted models include popular picks like the Tesla Model 3 and the Nissan Leaf. The number of models eligible for the full federal tax credit of $7,500, or partial $3,750 credit, shrank from 43 last year to fewer than 15 that comply with criteria on the books currently. The law’s tax incentives are limited to EVs whose batteries aren’t substantially built in certain foreign countries, particularly China, or with minerals sourced there. Tax credits cover fewer models, but without the waitĬar shoppers can still expect to be rewarded for going electric, thanks to tax breaks from the Inflation Reduction Act, but the rewards won’t be as widespread. Here’s what to know if you’re considering buying this year. ![]()
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