Want to Buy an Electric Vehicle? You Could Get $7,500 Tax Credit in Cash

Source: MSN

Electric vehicle ownership in North Carolina has surged in the last two years. According to the Independent Tribune, North Carolina has over 70,000 registered electric vehicles as drivers across the state have taken advantage of EV-related tax credits included in the federal Inflation Reduction Act.

A newly proposed incentive could bring the number higher, as the U.S. Treasury Department announced that the $7,500 EV tax credit will be available as cash in hand on the day of purchase.

The Inflation Reduction Act, signed into law by President Joe Biden in August 2022, originally offered an instant incentive to make electric vehicles more accessible for drivers through tax credits of up to $7,500 for the purchase of qualifying EVs.

The U.S. Treasury Department’s latest announcement adds further incentive for drivers considering the electric vehicle move.

According to NPR, from January 2024 on, customers will not have to wait for next year’s tax season before getting their hands on the incentive. Instead, the credit will be available as cash in hand on the day of purchase, regardless of the size of a customer’s tax bill.

“For the first time, the Inflation Reduction Act allows consumers to reduce the up-front cost of a clean vehicle, expanding consumer choices and helping car dealers expand their businesses,” an announcement from the United States Department of the Treasury stated.

“The IRS has focused on streamlining this process for car dealers as part of its commitment to improving service and helping taxpayers claim the credits they are eligible for.”

On top of the incentive, the process of obtaining an electric vehicle will be easier for both the customer and dealership. 

NPR reports that dealers will register with the IRS and confirm that a vehicle qualifies for the tax credit, using the vehicle identification number — taking the burden off of customers who are navigating the shifting rules.

Read more about the announcement here


More Posts

North Carolina’s Climate Crisis: A Tale of Drought, Wildfires, and the Urgent Need for Action

The parched lands of North Carolina are bearing stark witness to the intensifying climate crisis. For months, the skies have remained stubbornly dry, casting a pall of drought over the state. Asheville has not seen a significant downpour since late August, leaving its rain gauge yearning for a replenishing shower. The situation is echoed across the state, with Hickory, Southern Pines, and Reidsville all reeling from rainfall deficits.

The Arc of Greensboro: Building Connection in Community for Those With Developmental and Intellectual Disabilities

Since 1953, the Arc of Greensboro has been connecting those with intellectual and developmental disabilities with their greater community. This member-based nonprofit works hard to showcase and educate the public on why those who have disabilities deserve to be treated with respect. In addition, this organization works tirelessly to show that those with disabilities have something extraordinary to offer the world around them.

Women’s high school wrestling is growing in a special way in one NC county

One of the fastest growing women’s sports in the country has finally been classified as a sport in North Carolina. Womens high school wrestling is now in 41 states with nearly 50,000 student-athletes participating, that is a 880% rise in participation since 2005. The North Carolina High School Athletic Association sanctioned the sport in April 2022.