![]() ![]() Department of Energy has released a list of more than 40 models that may be eligible for the newly expanded EV tax credit. (Additional requirements on critical mineral and battery components are forthcoming from the Department of the Treasury in March 2023.) This stipulation alone cuts out many popular EV models, like Hyundai’s Ioniq, Kona Electric and Nexo. The expanded $7,500 tax credit applies only to new electric or plug-in hybrid vehicles that were assembled or manufactured in the U.S. What EVs qualify for expanded tax credits? There are several eligibility requirements you should know about before heading to the dealer. The new tax credits could help bring down that price by as much as $7,500, but the credits don’t apply to every EV or plug-in hybrid on the market. According to the latest data from Kelley Blue Book, the average price of a new car is about $49,000. ![]() Hawaii Alaska Florida South Carolina Georgia Alabama North Carolina Tennessee RI Rhode Island CT Connecticut MA Massachusetts Maine NH New Hampshire VT Vermont New York NJ New Jersey DE Delaware MD Maryland West Virginia Ohio Michigan Arizona Nevada Utah Colorado New Mexico South Dakota Iowa Indiana Illinois Minnesota Wisconsin Missouri Louisiana Virginia DC Washington DC Idaho California North Dakota Washington Oregon Montana Wyoming Nebraska Kansas Oklahoma Pennsylvania Kentucky Mississippi Arkansas Texas Get Started Eligibility for 2023 EV tax creditsĮlectric vehicles aren’t exactly known for their affordability.
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