Tax breaks to help you make your home more energy-efficient this year – Washington Post – The Washington Post

Electric vehicle

<p text="More people are turning to plug-in cars as the technology improves and the country takes steps to generate more of its electricity through renewable, clean sources. President Biden has set a goal for half of all car sales to be electric by 2030.” class=”wpds-c-hcZlgz wpds-c-hcZlgz-bkfjoi-font-georgia wpds-c-hcZlgz-jDmrXh-width-mdCenter wpds-c-hcZlgz-iPJLV-css mw-md pb-md font–article-body font-copy ma-auto pl-sm pr-sm”>More people are turning to plug-in cars as the technology improves and the country takes steps to generate more of its electricity through renewable, clean sources. President Biden has set a goal for half of all car sales to be electric by 2030.

The IRA continues an existing $7,500 tax credit for electric and hybrid plug-in passenger vehicles, but makes some significant changes. To qualify, vehicles would have to be assembled in North America, something that’s not the case for many carmakers. The law also sets limits for consumers to be able to claim the credit, with an income ceiling of $150,000 for individuals and $300,000 for joint filers. The law also sets price limits for vehicles: Cars that cost more than $55,000 and trucks and SUVs costing more than $80,000 would not be eligible.

The credit is currently claimed on your federal tax return, but the law envisions that it could reduce vehicle prices at the point-of-sale beginning in 2024. There’s a new credit for sales of used electric vehicles, and a credit for charging equipment is being restored and extended.

Original Source: https://news.google.com/__i/rss/rd/articles/CBMiWWh0dHBzOi8vd3d3Lndhc2hpbmd0b25wb3N0LmNvbS9jbGltYXRlLXNvbHV0aW9ucy9pbnRlcmFjdGl2ZS8yMDIzL2hvbWUtZW5lcmd5LXRheC1icmVha3Mv0gEA?oc=5