Hi Pete,
Thank you for responding!
Question 1: Just to clarify, let's say if we buy 3 EVs (in the same year or in different years), then we can claim all 3 tax credits (assuming we meet the income limitation and have enough tax liability), right?
ANSWER: Yes, that is correct. Assuming you meet the criteria
Question 2: The income limitation for businesses or LLCs is based on the business MAGI and not personal, right?
ANSWER: If you are filing an Separate business return (such as 1120, 1120-s, 1065 etc.) , then more information is to come, as each of those entities have different tax implications and rules. According to the IRS Website, they are still updating information and to check back, but as with the personal credit, you can claim as many vehicles that is purchased: https://www.irs.gov/credits-deductions/commercial-clean-vehicle-credit
If you are Sole proprietor and file Schedule C on personal tax return, then you would follow the criteria as for your personal tax return.
Question 3: What is the business MAGI limitation for a single-member LLC or S Corp?
As of today, 6.28.23 they are still determining how a company's income or tax liability will effect the credit. Please see the IRS Link above.
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