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$4,000 Tax Credit – Secure Your Tax for EV Models!

Navigating the Revised Tax Credits: What Buyers Need to Know

Navigating the Revised Tax Credit Landscape for Used EVs

In 2024, with the extension of federal tax credit for electric vehicle (EV) purchases many consumers are considering the benefits of buying a used EV. The revised terms under the Inflation Reduction Act signed by President Biden now offer tax credits for qualified previously owned EVs or fuel cell vehicles purchased for $25,000 or less from licensed dealers. This means buyers could be qualify for a tax credit of the sale price up to $4,000.

READ ALSO: Federal Housing Aid Fails To Keep Pace – Soaring Rentals And Homelessness!

Maximizing Savings: Tips for Prospective Used EV Buyers

While the list of qualifying used EVs provided by the IRS is subject to updates it is essential for consumers to explore this option carefully. Although finding eligible models at or below  threshold might be challenging, it is not impossible. Additionally, buyers are encouraged to consult with tax professionals and EV dealers to ensure eligibility and understand any additional state level incentives that may apply.

READ ALSO: Oklahoma Senate Takes Initial Step In Budget Talks – Budget Battle Begins!

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