Today, 39 of the 91 electrified vehicles on the market are eligible for the full $7,500 tax credit, according to an auto industry lobby group. That number is expected to shrink significantly starting next week under new IRS rules.
Federal tax credits for electric vehicle purchases are about to disappear for many models under newly released IRS rules, but savvy shoppers are finding a workaround by leasing, rather than buying, their new car.for many of today's models, creating confusion and frustration for automakers, dealers and consumers.
New requirements meant to decouple EV supply chains from China will kneecap the tax credit's impact for everyday consumers, asToday, 39 of the 91 electrified vehicles on the market — including EVs, hybrids and plug-in hybrids — are eligible for the full $7,500 tax credit, according to the Alliance for Automotive Innovation, an auto industry lobby group.Many vehicles won't make the cut because they're too expensive, they're not built in the U.S.
When someone leases a car, the vehicle owner is the bank or finance company. Drivers are merely "renting" their car for two or three years. The tax credit for leased vehicles goes to the owner: the bank. As long as they apply the savings toward the lease terms, the consumer gets a lower monthly payment courtesy of Uncle Sam.Before the IRA passed in August 2022, the Hyundai Ioniq 5 and Kia EV6 were two of the most popular EVs in America, behind Tesla's Model Y and Model 3.
But one piece of the law, requiring vehicle assembly in the U.S., took effect immediately upon passage — so both cars, currently imported from Korea, were no longer eligible for the tax credit.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stock market news today: S&P 500 falls after jobs reportUS stocks fall as investors weigh how Friday's jobs data will impact the Fed's next rate decision
Read more »
5 easy Easter crafts - Today's Parent - Today's ParentLooking for an easy Easter activity today? Try out these family and budget-friendly fun Easter crafts that will brighten up your home. easter eastercrafts familyactivity kidsactivity
Read more »
Stock Market Today: What to WatchStock futures were little changed after Friday's jobs report. Follow the latest markets updates.
Read more »
Garcia: The Lexus LC 500 ranks among the elites of auto designThe Lexus LC 500 ranks along with the Jaguar E-Type, the Lamborghini Miura and the Volvo...
Read more »
Chevy reveals special Camaro celebrating 2023 Indy 500The Chevy Camaro is on its way out, but not before the arrival of some special editions.
Read more »
Dow, S&P 500 eke out gains as investors await inflation updateU.S. stocks closed mostly higher on Monday, except for the Nasdaq, as investors awaited on fresh economic data and corporate earnings to kick off. The Dow...
Read more »