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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. Lacerte | ProConnect | ProSeries
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. Lacerte | ProConnect | ProSeries
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- The Tax Credit Loophole You Can Drive an EV Through
The Tax Credit Loophole You Can Drive an EV Through
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BobKamman
Level 15
04-28-2023
10:50 AM
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Lease, don't buy. This is from a Bloomberg article:
Fewer than a dozen EVs qualify for the full $7,500 tax credit if purchased by a consumer. But all battery-powered models benefit from it if they’re leased, because in that case the IRA [Inflation Reduction Act] categorizes them as commercial vehicles. The lease option is an IRA loophole you could drive millions of electric vehicles through. International automakers lobbied for and secured it after fearing they’d be shut out of the IRA tax credits aimed at stimulating the nascent EV market in the US.
