Frequently Asked Questions
What does the Inflation Reduction Act Impact on Electric Vehicles?
Besides saving money for consumers - The Inflation Reduction Act (IRV) of 2022, which was signed into law on August 16, 2022 is perhaps the most significant legislation to accelerate an electrified future in the automotive industry. It's a federal investment in clean energy technologies that will offers incentives for consumers to purchase Electric Vehicles.
What is the Internal Revenue Service Code Section 30D (IRC 30D)?
Internal Revenue Service Code Section 30D (IRC 30D) is a tax credit for qualified plug-in Electric Vehicles including passenger vehicles and light trucks. A Tax credits provide a dollar-for-dollar reduction to your income tax bill. That means that a $7,500 tax credit would save you $7,500 in taxes.
What is the Internal Revenue Service Code Section 25E?
Section 25E applies to Previously Owned EV Vehicles which provides that in case of a qualified buyer who during a taxable year, places in service a previously-owned clean vehicle, an income tax credit is allowed for the taxable year equal to the lesser of $4,000, or the amount equal to 30 percent of the sale price with respect to such vehicle.