Millions of Americans across the country could qualify for $7,500 in tax rebates if they meet the criteria and this payment will be issued immediately.
Americans could get $7,500 one-time tax rebate. (Photo: CNET)
$7,500 One-Time Rebate
Our country is slowly shifting to adapt to a green environment amidst the threat of global warming. Part of this is to shift from fueled vehicles to electric vehicles. To achieve this goal, the federal government will give incentives to those who own all-electric vehicles.
In a published article in The U.S. Sun, the amount of one-time tax rebates that owners will receive will vary. Here are some of the important information that you should know:
- If the EV has at least 50% of its critical minerals from certain countries the U.S. has free trade agreements with, you can qualify for $3,750.
- If the car has 60% or more of its battery components sourced from North America, you can qualify for another $3,750.
- For cars that meet each requirement, that’s a total of $7,500.
READ ALSO: Pennsylvania’s Child Care Tax Credit Doubles: Families Set To Benefit
Criteria to Qualify for the $7,500 One-Time Rebate
According to a published article in Yahoo News, there are three criteria that electric vehicle owners need to meet to get the one-time tax rebates. Here are the following:
The income caps are:
- $300,000 for married couples filing jointly
- $225,000 for heads of households
- $150,000 for all other filers
Furthermore, depending on factors such as battery component and part manufacturing location, vehicles can either qualify for a $7,500 or $3,750 one-time tax rebate.
