Which vehicles qualify for the credit?
Why aren’t Tesla or GM EVs included?
There’s a catch to receiving an EV tax credit
As a way to incentivize consumers to buy green vehicles, the federal government is offering up to $7,500 in available credit to filers who purchase an EV. There’s still one catch that’s important to pay attention to: filers can only receive a maximum write-off amount of $7,500, meaning that if you owe more than the credit amount, you’ll at least have $7,500 deducted from your owings.
For those who owe less than $7,500 to the IRS, your total amount of money owed will be canceled out, but you won’t receive the difference as pocket change. For example, if you owe $4,200, the amount will be reduced to zero, but the difference of $3,300 doesn’t come back to you.
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