Buyers who purchase certain types of electric vehicles could be in line for a hefty tax credit, according to the Internal Revenue Service.
The new tax credit provides up to $7,500 for qualified plug-in or fuel cell vehicles. The important word there is “qualified” and there are several requirements’ buyers have to meet to claim their credit.
To qualify, you have to purchase the vehicles for your own use and not resale and it has to be primarily used in the U.S. There are also limits on the amount of adjusted growth income you can earn: $300,000 for married couples filing jointly; $225,000 for heads of households; and $150,000 for all other filers.Which vehicles qualify?
To qualify, a vehicle has to have a battery capacity of at least 7 kilowatt hours; have a gross vehicle weight rating of less than 14,000 pounds; and be made by a qualifying manufacturer, including undergoing final assembly in North America. The vehicle must be new and the manufacturer suggested retail price can’t exceed $80,000 for vans, sports utility vehicles and pickup trucks or $55,000 for other vehicles.
Qualifying manufacturers include models by Honda, Audi, BMW, Ford, General Motors, Hyundai, Kia, Mazda, Mercedes-Benz, Mitsubishi, Nissan, Porsche, Chrysler and Jeep, Subaru, Tesla and Toyota.Form 8936, Qualified Plug-in Electric Drive Motor Vehicle Credit If you purchase a product or register for an account through one of the links on our site, we may receive compensation.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
IRS provides '11th hour' guidance on state relief checksThe Internal Revenue Service announced Friday that it will not impose any federal taxes on most relief checks issued by states last year.
Weiterlesen »
IRS says California's Middle Class Tax Refund will not have to be reported as taxableThe Internal Revenue Service will not require California residents to report a payment from the state as taxable when filing their taxes.
Weiterlesen »
How Electric Turbochargers Are Changing Internal CombustionHow electric turbochargers are changing internal combustion.
Weiterlesen »
Oregon Officials Abused Their Power to Hoard Pappy Van Winkle, an Internal Investigation AllegesPappy Van Winkle makes bourbon so rare that Oregon state liquor officials colluded to hoard some of the best bottles for themselves. One bottle is 23 years old and is worth over $5,000. The question we're asking the officials who are under investigation...
Weiterlesen »
Trump campaign kept its internal 2020 election inquiry under wraps: ReportIn the aftermath of the 2020 election, former President Donald Trump's campaign reportedly tapped a research firm to search for fraud and other anomalies.
Weiterlesen »
Amid Milan’s Booming Real Estate Market, Luxury Buyers Are Turning Toward Rome for Better DealsWill Rome become the new Milan? The central Italian city is currently experiencing a real estate renaissance with better deals.
Weiterlesen »