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California Gov. Gavin Newsom said the state will provide rebates to residents if President-elect Donald Trump's incoming administration does away with a federal tax credit for electric vehicles.
He said at a news conference last week that he still hadn’t heard back from the president-elect. California's defunct Clean Vehicle Rebate Program offered rebates on electric cars as high as $2,500.
Get the money, now: The tax credit remains in place, but its future is endangered. By purchasing an EV before any legislative changes take effect, you can take advantage of the full $7,500 benefit.
Currently the standard credit for a qualified alternative fuel vehicle is $4,000. Other than the Civic GX, a number of models produced after 2004 may qualify for tax credits. [13] Electric vehicles: Government tax credit programs are planned for electric and plug-in hybrid vehicles, but no specific models have yet been certified. [14]
According to these figures plug-in hybrid electric vehicles were outselling pure electric vehicles in California by early 2013. [53] [54] In addition to a US$7,500 federal tax credit, the 2012 and later model year Chevrolet Volts qualified in California for the US$1,500 CVRP rebate and had free access to high-occupancy vehicle lanes.
Read On The Fox News App. The California Air Resources Board requested a waiver from the federal government for permission to require that 22% of new cars sold be zero emissions by 2025 and ...
The value-added tax (VAT) exemption for electric cars will end in 2018, but replaced by a new scheme, which may be subjected to a ceiling that could be reduced as technology develops. The agreement also gave local authorities the right to decide whether electric cars can park for free and use public transport lanes. [160] [161]
One additional insider tip to keep in mind during your browsing: Don’t be so quick to rule out used electric vehicles. For the 2024 tax year, the IRS says a model of EV that’s from 2022 or ...