Posted on 10/06/2023 6:38:49 AM PDT by Diana in Wisconsin
People shopping for electric vehicles starting next year will be able to get a $7,500 federal tax credit off the sticker price while at the dealership, rather than having to wait months to receive their tax returns.
The changes to how car buyers can get the federal tax break on EVs — part of the Inflation Reduction Act — were announced by the Biden administration on Friday, and are being rolled out to car dealerships before they take effect starting January 1.
Under the new guidance, those purchasing a new electric vehicle or plug-in electric vehicle that qualifies under the Treasury Department’s guidelines can either take $7,500 off the sticker price of a new EV or $4,000 off the cost of a used EV.
“For the first time, the Inflation Reduction Act allows consumers to reduce the up-front cost of a clean vehicle, expanding consumer choices and helping car dealers expand their businesses,” said Laurel Blatchford, Treasury’s chief implementation officer for the Inflation Reduction Act, in a statement. “The IRS has focused on streamlining this process for car dealers as part of its commitment to improving service and helping taxpayers claim the credits they are eligible for.”
More than a dozen new EV models and some of their variations are eligible for all or half of the new credit. A small number of models, mostly foreign-made vehicles, are not eligible for now. Most of the eligible cars so far are made by the “big three” EV automakers in the US — Ford, General Motors and Stellantis — plus Tesla and German carmaker Volkswagen.
More foreign companies are building EV factories in the US in order to take advantage of the tax credits in the future.
So, since no one wants to BUY an exploding EV based upon it's own merits, here's $7,500 to bribe you into buying one!
So much for folks paying their “FAIR SHARE”.
Why the hell is your tax money being spent to help buy people cars?
I can see all kinds of waste, fraud and abuse coming in this program...................
Yep
And, 10% for the Big Guy!
Who’s gonna pay for the upgrade needed to charge the darn thing at home?
Most existing residences in this country still don’t have a 200A service.
One of many tax rackets. Unfortunately, the RICO statute doesn’t apply to congress.
This will be ‘Cash for Clunkers’ on steroids.................
To add to the insult it’s part of the “ inflation reduction act”.
‘Cash for Clunkers’ on steroids!
This alone should kill the EV market sooner than predicted. ;)
This sounds like one of those internet, “they are almost giving them away” crap things.
Years ago electric golf carts received a tax rebate. Since we’re bankrupt already, I’d like to see them bring that back. My golf cart is 10 years old. I need a new one.
I tell you, nothing quite says “Inflation Reduction” like shoveling out more free money faster than ever before.
Why isn’t the bribe $10,000 or $20,000? There’s always lots more free money.
Federal Tax Break=taxpayer subsidy to EV un-economic auto suppliers/producers/political supporters. There is no “Federal Funds”, other than what they steal out of taxpayers’ pockets, to re-distribute to donors and/or favored constituencies for vote-buying.
Worse, the secondary step-down transformer in your neighborhood was sized to handle 10-15 homes BEFORE EVs. It can handle at most FOUR EVs. So it isn’t just a matter of upgrading your home service…every secondary transformer in America has to be replaced with much a larger transformer.
House Republicans need to quickly grow a set and defund every penny of the IRA. I don’t care if they have to shutter government to get it done.
Why is Congress allowing all of this spending?
Why is the Fed govt in the car business?
“their EV tax credits”
It’s is not ‘their’ money or ‘government’ money as CNN states.
It is USA taxpayers...well not even that. It’s piled on the debt of which some fictitious generation in the future will pay. Our collapse is a few years away, not generations.
Edmunds.com, the premier resource for online automotive information, has determined that Cash for Clunkers cost taxpayers $24,000 per vehicle sold.
Nearly 690,000 vehicles were sold during the Cash for Clunkers program, officially known as CARS, but Edmunds.com analysts calculated that only 125,000 of the sales were incremental. The rest of the sales would have happened anyway, regardless of the existence of the program.
Ironically, the average transaction price for a new vehicle in August 2009 was only $26,915 minus an average cash rebate of $1,667.
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