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If you're buying a Tesla Model 3 in the US, you can now get the maximum possible tax credit of $7,500 no matter what make you're getting. Tesla has to show that the rear-wheel drive Model 3, along with its long range and performance counterparts, now qualify for the full federal tax credit for EVs. You'll also get to the enjoy the same amount of savings if you're buying the all-wheel, long-range or performance Model Y.
The US government guidelines for which electric vehicles qualify for the federal $7,500 EV tax credit in March to comply with the Inflation Reduction Act rules the president signed last year. Under the new guidelines, which on April 18th, vehicles using battery components that are 50 percent made or assembled in the US qualify for a tax credit of $3,750. They can only get the full $7,500 credit if their manufacturer sources at least 40 percent of their critical minerals from the US or its free trade partners, which don't include China.
A lot of EVs were kicked off the list of vehicles qualified for credits when the change was implemented, but in the days that followed. You could only subtract $3,750 from your taxes for Tesla's rear-wheel drive and long range Model 3 due to the new guidelines, but that's no longer the case. It's not quite clear if Tesla altered the cars' batteries or found new suppliers to ensure that its new Model 3 deliveries meet the requirements for the new guidelines. But this means in some locations, you could get the standard version of the vehicle for just a bit more than $30,000 — or than that if the state has its own perks for EVs.
This article originally appeared on Engadget at
Console Bang News!
The US government guidelines for which electric vehicles qualify for the federal $7,500 EV tax credit in March to comply with the Inflation Reduction Act rules the president signed last year. Under the new guidelines, which on April 18th, vehicles using battery components that are 50 percent made or assembled in the US qualify for a tax credit of $3,750. They can only get the full $7,500 credit if their manufacturer sources at least 40 percent of their critical minerals from the US or its free trade partners, which don't include China.
A lot of EVs were kicked off the list of vehicles qualified for credits when the change was implemented, but in the days that followed. You could only subtract $3,750 from your taxes for Tesla's rear-wheel drive and long range Model 3 due to the new guidelines, but that's no longer the case. It's not quite clear if Tesla altered the cars' batteries or found new suppliers to ensure that its new Model 3 deliveries meet the requirements for the new guidelines. But this means in some locations, you could get the standard version of the vehicle for just a bit more than $30,000 — or than that if the state has its own perks for EVs.
This article originally appeared on Engadget at
Console Bang News!