As a follow up to our Wellspring communication from this past week on the Inflation Reduction Act, the House of Representatives passed the Act on Friday, August 12, and it is expected to be signed by the President this week.
The requirements to qualify for the Electric Vehicle Credit are quite complex. Please click here to read the Consumer Reports article “Which EVs Will Qualify for the New Electric Vehicle Tax Credit? It’s Complicated.” The article includes a list of specific vehicles that could qualify and a list of vehicles that will not qualify.
The credit for purchasing new electric vehicles will be restricted based on the following:
- The price of the vehicle
- Adjusted Gross Income
- Must be manufactured in the United States
- Minerals or components cannot be sourced from “foreign entities of concern,” including China or Russia
Please reach out to your GMAG team if you have any questions.
The information included in this report has been obtained from sources that GMAG believes to be reliable; however, these sources cannot be guaranteed as to their accuracy or completeness
The information included in this report is based upon information reasonably available to GMAG as of the date noted herein.
GM Advisory Group, does not provide tax, legal, or accounting advice. This material is not intended to replace the advice of a qualified tax advisor attorney, or accountant.
We can work with your independent tax/legal advisor to help create a plan tailored to your specific needs. You should consult your own tax, legal and accounting advisors before engaging in any plan or transaction.
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