Raimundo Lopez-Lima Levi, CPA, CFF, CVA’s Post

For nearly 90,000 car buyers, one small change in U.S. tax policy meant thousands of dollars off the sticker price of their new EVs. As of Jan. 1, Americans who buy certain electric cars can request the federal electric vehicle tax credit as an upfront discount. The government created the tax credit in 2022, but before this year, car buyers had to wait until tax season to get their money. Now they can just pay up to $7,500 less for certain new EVs, or $4,000 less for used EVs, at dealerships that have signed up to offer the discount. “It makes a huge difference,” said Gil Tal, who heads the Plug-in Hybrid & Electric Vehicle Research Center at the University of California at Davis. #USA #offering #credit #upto7500$ #to #consumers #when #they #buy #EV #electrics #vehicles

In the market for an electric vehicle? Here's why 2024 might be the year to buy: … in the market for an electric vehicle, 2024 might be your year … ,500 tax break on an electric vehicle purchase price either for a … lead to a boom for electric cars. #car #cars #awesome

Big win for EV buyers eyeing the Cadillac Lyriq! 🎉 General Motors' Cadillac Lyriq is back in the game, once again qualifying for the hefty $7,500 US EV tax credit. But there's more! Models like the Chevy Blazer EV and Chevrolet Equinox EV are also likely to qualify post-sourcing adjustment. Don't forget the rules though! SUVs over $80k and cars over $55k need not apply. Income limits apply too. Want to know more, the full report is a click away here ➡️ https://lnkd.in/g8EUg8vn 📌 Will this tax credit make you consider buying the Cadillac Lyriq? 💸💸💸💸💸💸💸💸💸💸💸💸💸💸

Ready to shop electric in 2024? Thanks to new IRS tax rules under the Inflation Reduction Act, auto buyers can drive away with instant savings as dealerships apply federal credits at the time of purchase. With potential upfront savings of up to $7,500 for eligible electric vehicles, drivers no longer have to wait to take advantage of the EV benefits offered through the IRA. . Find out more about the latest savings and rebate requirements, as well as additional information on new sourcing and manufacturing guidelines: https://hubs.ly/Q02g3lRY0 , . . . #Electrification #EVCharging #ElectricVehicle #IRA #AutoDealership #DriveElectric #TaxRebate #Technology #Auto #Qmerit

EV tax credit shifts to rebate Jan. 1, and not all dealers are ready: Many U.S. car dealerships have not registered to begin offering the federal EV tax credit at the point of sale when that option becomes available Jan. 1. More than 7,000 dealerships have registered with the IRS to offer tax credits of up to $7,500 as point-of-sale rebates, the U.S. Treasury Department said Friday. But there are nearly 17,000... #car #cars #awesome

“For the first time, President Biden’s Inflation Reduction Act allows consumers to reduce the up-front cost of a clean vehicle, expanding their choices and helping car dealers grow their businesses by attracting new customers”. In the past, buyers of EVs, hybrids, and fuel cell cars were required to wait until their federal taxes were filled to receive their tax credit, but new changes allow consumers more financial flexibility. As of February 16th, car dealers have been reimbursed $135 million for clean vehicle tax since the start of 2024. Licensed dealers can register for upfront payments to offset the amount of tax credit that was applied to the original price. Read more about how this change is impacting drivers and dealers all over the US: https://hubs.ly/Q02wzdt-0 . . . . #InflationReductionAct #CleanVehicleTax #Qmerit

Carvana is making it easier for our customers to access tax credits for qualified purchasers to acquire eligible used electric vehicles. We recently launched an educational page that reviews the Federal Used EV tax credit and helps customers make informed decisions about purchasing a used EV from us. https://lnkd.in/dwYcmQB2 Carvana empowers consumers by giving them choices, allowing them to make informed purchase decisions on their own time, and providing transparency throughout the car buying process. This is just one more example of Carvana helping our customer access the information they need to find a vehicle that fits their needs and their budget.

Did you know that purchasing a used EV from someone who bought it new from the dealership could qualify you for a $4000 Used EV tax credit? Many assume these credits only apply to new EV purchases, which means this tax credit is a game-changer in making used EVs the most affordable cars on the market. Cool. https://lnkd.in/g_q_k8-g

The big surprise! In 2024, more cars and trucks qualify for the $7,500 electric vehicle tax credit. In 2024, EV buyers can get the federal tax credit up to $7,500 at the time of purchase. The dealer will advance you the credit by reducing the loan or using it for a down payment. Getting the EV tax credit sooner rather than later is a smart money move. Depending on your trade-in value and/or down payment, the EV tax credits could save you hundreds or thousands of dollars in loan interest. The bad news? Due to tightening requirements for EV battery components, fewer models will qualify for tax credits in 2024. However, manufacturers say they are working to get some of their most popular models back on the list. In 2024, an EV tax credit of up to $7,500 will be available on new and used EVs that meet specific criteria. The credit will be a discount at the dealership when the buyer buys the vehicle. To qualify for the $7,500 tax credit, an electric vehicle must be manufactured in North America and have an MSRP below $80,000 for an SUV and $55,000 for a sedan, wagon, or hatchback. Starting in 2024, electric vehicles with components from countries designated "foreign entities of concern" will no longer be eligible for a tax credit. #electric #ev #evtaxcredits https://lnkd.in/g9mg3Bhp

🇺🇸 It took a year, but the IRS finally figured out how to actually make the EV incentive much more…incentivizing. $7.5k off the sticker price right at the point of purchase. Instead of a $7.5k tax credit that you could *maybe* get months in the future at tax filing time - provided you owe at least that amount in taxes - now it’s FAR more simple for buyers 💸 It does have to go through car dealerships (they get the tax credit and pass it on to EV buyers), but one week in to 2024, almost 9,000 dealerships have signed up (roughly half of the country’s car dealerships). This is very encouraging, given dealerships frequently dig their heels in on EV’s because they aren’t great for the vehicle maintenance cash cow they’ve been milking for years 🐄 Yes, the number of models that qualify for the credit has drastically shrunk due to new battery sourcing requirements, but some vehicle OEM’s - like GM & Ford - are just saying screw it, we’ll give buyers the equivalent value of the tax credit while we get our supply chain in order. Or you could just use the leasing loophole where all vehicles qualify 😉 Buying an EV in America is increasingly going to be the smart financial choice. Despite the negative headlines, 2024 will continue to show impressive EV adoption growth in America 🔥 https://lnkd.in/dYi4M43s (InsideEVs article by Tim Levin)