this post was submitted on 25 Jan 2024
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Electric Vehicles
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Key to mention that the credit is not refundable. It can only take your income tax burden down to $0, and not below. So for the typical family with a couple of kids, making 75k or so, chances are you won’t get the full credit.
This is no longer the case in 2024. The dealer can apply to get the federal $7,500 credit directly and take it off the sale price.
https://www.npr.org/2023/12/28/1219158071/ev-electric-vehicles-tax-credit-car-shopping-tesla-ford-vw-gm