article thumbnail

DOE publishes list of EVs eligible for new tax credit

Teslarati

Department of Energy’s Alternative Fuels Data (DOE) published a list of electric vehicles that are immediately available for the new $7,500 EV tax credit. Tesla and GM were disqualified since both companies have sold over 200,000 EVs. Under the new law, only EVs assembled in North America qualify for the credits.

article thumbnail

These are the EVs that still qualify for the $7,500 tax credit in 2024

Teslarati

electric vehicle (EV) tax credit have taken effect, significantly limiting the number of qualifying options in 2024. Despite the list of qualifying EVs getting shorter , the 2024 guidance also lets sellers offer the rebate at the point of sale , rather than buyers being forced to wait until doing their taxes.

article thumbnail

Inflation Reduction Act mandates escalating battery critical mineral requirements to qualify for EV tax credit

Green Car Congress

The Inflation Reduction Act , which the Senate passed last week, revamps the electric vehicle Federal tax credit of $7,500 ( earlier post ). Among the changes are an extension of the tax credit through 2032, the removal of the unit-sales cap of 200,000 per OEM, and a new mandate for qualified cars being assembled in North America.

article thumbnail

Tesla stock climbs on tax credit inclusion, continuing stratospheric rise in 2023

Teslarati

Tesla stock ( NASDAQ: TSLA ) continued to climb on Friday following news that Model Y vehicles would completely qualify for electric vehicle tax credits. Credit: IRS Tesla fans and prospective buyers were stunned when several Model Y crossover trim levels were not included in the list of vehicles that would qualify for the $7,500 credit.

article thumbnail

France’s high court rules in favor of ending tax benefits for palm oil diesel

Green Car Congress

France’s Constitutional Council, the highest constitutional authority in the country, ruled in favor of excluding palm oil from the list of biofuels that enjoy tax incentives. Oil company Total has estimated it is worth between €70 million and €80 million per year. The decision enters into force on 1 January, 2020.

Oil 236
article thumbnail

IRS updates IRA EV tax credit guidance, new rules apply April 18

Teslarati

The IRS has updated its guidance relating to the Inflation Reduction Act’s (IRA) tax credit that applies to electric vehicles, with new rules coming into effect on April 18. These rules go into effect on April 18, and the IRS will publish a new list of what models will qualify for specific credits.

article thumbnail

Why Tesla Model Y tax credit inclusion is good for some and bad for others

Teslarati

The Tesla Model Y complete lineup was recently added to the IRS list of qualifying vehicles that will give buyers a $7,500 tax credit. While it may seem like the company’s huge price cuts coupled with the tax credit would be good for everyone, it spells bad news for competitors that offer comparable EVs in the same category.