Episode 205: New EV Tax Credit Requirements

The Inflation Reduction Act, which President Joe Biden signed in August, set various manufacturing requirements for new all-electric and plug-in hybrid vehicles to be able to qualify for the full $7,500 tax credit. As of Aug. 17, for example, final assembly of the car had to take place in North America. The final two requirements — which apply to the sourcing of car battery components and critical minerals — will kick in on April 18 and phase in over a few years, according to the Treasury Department. Consumers can consult an IRS list to verify which used vehicles qualify. Here are some of the major criteria for cars and consumers to qualify for the $4000 EV tax credit : The car must be purchased from a licensed dealer. The car’s model year must be at least 2 years old. The sale price must be $25,000 or less. It’s only available to individuals, not businesses. Buyers are ineligible for a credit if their annual income exceeds certain thresholds: $75,000 for singles, $112,500 for heads of household and $150,000 for married couples filing a joint tax return. Buyers assess income for the year in which they acquired the car or the prior year, whichever is less. (Income is measured as “modified adjusted gross income.” You can consult these FAQs to determine how to calculate modified AGI.) Tesla will open a new Megafactory in Shanghai that is capable of producing 10,000 Megapacks a year, the company announced in a tweet Sunday. A Megapack is a very large battery for utilities that stores energy, helps stabilize the power grid and prevents outages. These batteries enable grid operators to move extra capacity between counties or states and ensure that power from intermittent sources can be stored and used when demand is higher, or when there are unplanned outages in a transmission network. Back in January, Apple first teased an India expansion by posting a dozen Apple store roles for "various locations within India" on the Careers section of its website. Some reported that certain posts on LinkedIn received more than 200 applications within 24 hours of appearing online. The plan to come to India had been in the works since at least 2020 but was delayed by the pandemic. Apple has also had to navigate stringent Indian laws for foreign companies who operate in the country — one requirement was that at least 30% of the products sold in each store come from India. ☕Get your coffee today at www.duckrivercoffee.com 📚Patreon: https://www.patreon.com/MarketMarauders 📚Books: https://www.amazon.com/sk=reginald+seay&crid=XNP2FB40Q3TH&sprefix=reginald+seay%2Caps%2C232&ref=nb_sb_noss 📚 Course: https://market-marauders-complete-guides.teachable.com/p/the-complete-guide-to-cryptocurrency 📚Website: www.marketmarauders.net 🦩Twitter: @yourequest 😎Instagram: market_marauders 📧Email: [email protected] 🚧 DISCLAIMER🚧 I am not a qualified licensed investment advisor. All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies. I will not and cannot be held liable for any actions you take as a result of anything you read and/or view and/or hear on the channel.