Electric Vehicle Tax Credits
The Inflation Reduction Act has further incentivized the production and purchasing of hybrid or electric vehicles.
As the regulations have come out, some may be surprised to learn the $7500 credit all over TV is a bit misleading. The Anomaly Tax team has reviewed the regs and has determined the cleanest (no pun intended) way to get the full benefits is to qualify the vehicle for >50% business use!
As the regulations have come out, some may be surprised to learn the $7500 credit all over TV is a bit misleading. The Anomaly Tax team has reviewed the regs and has determined the cleanest (no pun intended) way to get the full benefits is to qualify the vehicle for >50% business use!
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1Here are some helpful tips to keep in mind:
Commercial Credit:- No income limit or restriction
- Must be used PRIMARILY for business purposes
- MUST MUST MUST be purchased in the company's name WITH the company EIN. If this does not happen, you will not get the credit. The IRS tracks this.
- You will be eligible for bonus depreciation on the purchase price less the credit amount
- Various income-level phase-outs
- Strict manufacturing requirements in the US
- No depreciation
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