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After Tesla's recent update on EV Tax Credits, which now allows for the full $7,500 to be realized on all trims of the Tesla Model 3 and the Tesla Model Y, there are more customers that can get into an EV with less investment thanks to these EV Tax Credits that are a part of the Inflation Reduction Act of 2022.
In the summer of 2022, Congress passed into law the Inflation Reduction Act of 2022. In this bill included an update to the long standing tax credits that have been available to EV customers for some time. The problem is that with restrictions in place, companies like Tesla and GM ran out of available tax credits rather quickly. Both GM and Tesla offer some of the more popular electric vehicles on the market, including the Chevy Bolt, Tesla Model Y and Tesla Model 3. Top that with the upcoming electric Chevy models of the Silverado, Equinox and Blazer, there is a real competitive disadvantage to both Tesla and GM.
More so is the disadvantage that consumers have when considering electric cars. The most popular electric car in the world, the Tesla Model Y, did not have any EV Tax Credits available, and some in congress argued that the credits needed an overhaul to advance priorities in electrification. With these changes, new credits were made available but only to cars assembled in North America.
With some other restrictions around battery components and critical minerals, all vehicles that qualified for these new rules would get half or the full amount at $7,500. The only thing that would prevent a qualified model from getting the full credits available was the consumer. There are income restrictions in place, and because this is a non-refundable tax credit, you must have enough tax liability to realize the full value of the credit available for the car you are purchasing.
Over the last several months, I have been trying to educate people on the difference between a tax refund and tax liability. I still see comments that say people dont think they would get the credit because they only received $1k refund last year. A tax refund is NOT the same thing as tax liability.
In this video, I will present all the details, and make tax liability as clear as possible without getting too technical. In. addition, there are changes to the EV tax credits that continue to be misrepresented. I am going to show you in the bill where the most common misconceptions about the new tax credits are.
After watching you should feel confident in knowing how much of these new tax credits you will or will not qualify for. Also, you should have a much better understanding of how these credits turn into a point of sale in 2024, which does NOT mean it becomes fully refundable.
*NOT FINANCIAL ADVICE*
Vehicles that qualify: www.fueleconomy.gov/feg/tax20...
Qualifications: www.irs.gov/credits-deduction...
IRA of 2022: www.congress.gov/bill/117th-c...
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