Tag: Tax Credit
-
Commercial electric vehicle tax credit program starts in 2023
Starting 2023, businesses and tax-exempt organizations may be eligible for a clean vehicle tax credit under Internal Revenue Code (IRC) 45W when they purchase a qualified commercial clean vehicle. The credit is based on the lesser of 15% of the vehicle’s basis (30% if it is not powered by gas or diesel), or the incremental…
-
Used electric vehicle tax credit program starts in 2023
Starting 2023, the Internal Revenue Service (IRS) offers a tax credit for qualified used electric vehicles (EV) or fuel cell vehicles (FCV). The credit is available to individuals for vehicles purchased between 2023 and 2032. The credit is worth 30% of the sale price, up to a maximum credit of $4,000. Who can claim the used…
-
New electric vehicle tax credit program starts in 2023
Starting in 2023, the Internal Revenue Service (IRS) will offer a tax credit for new electric vehicles (EV) and fuel cell vehicles (FCV). The credit, modified by the Inflation Reduction Act of 2022, is available to both individuals and businesses for vehicles purchased between 2023 and 2032. The credit is worth up to $7,500. Who…