Make sure you read the fine print

Crossville TN

Description

The Inflation Reduction Act is changing electric car tax credits New income and price rules on EV purchases are going into effect. Passage of the Inflation Reduction Act (IRA) will change the way people buy electric cars for the next decade, and it might make it harder for many. The current system allows automakers to build up to 200,000 plug-in light vehicles of any type or price that qualify buyers for a maximum $7,500 tax credit, prorated for the size of the battery pack. After the threshold is reached, the credit phases out by half and then half again over the course of year. Tesla and General Motors have entirely exhausted their eligibility and Toyota is in the phase-out period, with Nissan and Ford expected to enter it next. The IRA removes the cap and allows the subsidy to be applied at the point of purchase, so the sale price can be immediately reduced. This eliminates the need to file for the credit on a tax return, but a host of "new restrictions" are being put in place, including the first income and price limits. The credit will only available to single-filers who earn less than $150,000 annually, heads of households at $225,000 and couples at $300,000. The procedure for confirming eligibility at the time of purchase has not yet been clarified. The maximum price for a car that qualifies will also be restricted to $55,000, while SUVs and pickups will be limited to $80,000. They also must be assembled in North America, which will disqualify many models as soon as the law goes into effect. CONTROL FREAKS, do they sit up all night and think up this kind of stuff? Limited Government please. What about us poor people?