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How to Get the Federal Clean Vehicle Tax Credit This Year

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The latest Clean Vehicle Tax Credits can be applied to the purchase of a new or used EV at the point of sale as of January 1, 2024. The Clean Vehicle Tax Credit for new EVs is worth up to $7,500 and the Previously Owned Clean Vehicle Tax Credit is worth up to $4,000. Here’s what you need to know.

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How Do the Used and Commercial Clean Vehicle Tax Credits Work?

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Usually when discussing federal electric vehicle tax credits in the United States , most people are referring to the Clean Vehicle Credit (formerly the Qualified Plug-in Electric Drive Motor Vehicle Credit) for new EVs. But that’s not the only federal tax credit for buying an EV.

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How Do the Electric Vehicle Tax Credits Work?

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Federal tax credits for electric vehicles in the United States are complicated, especially with new changes for 2023. Under the current version of the Section 30D Clean Vehicle Credit (CVC), there are specific criteria that both the vehicle and taxpayer must meet. First, the easy part: How do I claim the $7,500 EV tax credit?

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Colorado Electric Vehicle Tax Credit Rises to $5,000

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The bill puts forth several measures aimed at advancing decarbonization in the state, including tax credits for industrial facilities to implement emission-reducing improvements, new spending for geothermal energy projects and geothermal electricity generation, the construction of sustainable aviation fuel production facilities, and more.

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How Does the Electric Car Tax Credit Work in 2023?

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The global push towards sustainable energy and reducing carbon emissions has given rise to the popularity of electric vehicles (EVs). One such incentive is the electric car tax credit, designed to help offset the initial cost of EVs for buyers. Section 1: Overview of the Electric Car Tax Credit in 2023 1.1

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Proposed Changes to Federal EV Tax Credit – Part 2: End of the Manufacturer Sales Phaseout

EV Adoption

Arguably the biggest flaw in the Plug-In Electric Drive Vehicle Credit ( IRC 30D ) regulations is the triggering of a phaseout schedule of the tax credit when a manufacturer sells 200,000 total EVs (BEV and PHEV). Elimination of the Manufacturer 200,000 EVs Sold Phaseout Threshold.

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Proposed Federal EV Tax Credit Reform: Will It Move the Sales Needle?

EV Adoption

On February 5, Mike Thompson , Chairman of the House Ways and Means Subcommittee on Select Revenue Measures announced the introduction of the Growing Renewable Energy and Efficiency Now (GREEN) Act (PDF). Buyers can claim a base credit of $1,250 for the purchase of qualifying used EVs, with additional incentives for battery capacity.