@Tursipops also, beyond determining whether the car is eligible for the rebate, there will be an income limit as well. if your Adjusted Gross Income (AGI - effectively Line 11 for most taxpayers), exceeds these limits in either the current tax year or the prior tax year, you are not eligle for the rebate is the way I read the proposed legislation
so if you buy an EV in 2023 and your AGI exceeds these numbers in both 2022 or 2023, you wouldn't be eligible to take the credit, even if the vehicle itself was eligible
Single $150,000
HOH: $225,000
Married: $300,000
And while the numberical limit would be removed in the proposed legislation, the amount of US content of certain parts and where the final asssemly occurs would determine whether the car is eligible
Lastly, there is a dollar limit on the car itself. if the MSRP exceeds these limits, the vehicle is not eligible for the credit is the way I read it.
Cars: $55,000
Trucks, SUVs. $80,000
again, the legislation is simply proposed and requires House approval and Biden signature to become law.
