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Tag Archives: Automotives

Electric Vehicle Credit Undergoes Major Overhaul

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on September 6, 2022 by Lake Wylie Tax Services StaffSeptember 6, 2022

Electric Vehicle Tax Credit 2022With the recent passage of the Inflation Reduction Act of 2022, the electric vehicle credit has undergone some major changes. Although most of the changes take effect in 2023, to qualify for the current credit, vehicles purchased after August 15, 2022, are required to meet the final assembly requirement of the new law.

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Posted in Tax Central | Tagged Automotives, Tax Credit

Electric Vehicle Credits Phasing Out

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on April 6, 2022 by Lake Wylie Tax Services StaffApril 6, 2022

Buying an Electric Vehicle for Tax CreditIf you are considering purchasing an electric vehicle and expect to receive a federal tax credit along with the purchase, you better do your homework first. There is a phaseout that is based on a manufacturer’s sales of electric vehicles that impacts the credit available to the purchasers of the vehicles.

Many of the more popular manufacturers have been phased out of the credit, including Tesla and General Motors.

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Posted in Tax Central | Tagged Automotives, Tax Credit
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