![Tyson Foods Plant [Photo: Food Manufacturing]](https://southarkansassun.com/wp-content/uploads/2023/08/iStock_1185520857__1_.5e441daa51cca-600x337.jpg)
![Silverado Senior Living Management Inc. [Photo: Los Angeles Times]](https://southarkansassun.com/wp-content/uploads/2023/10/download-6-4-600x337.jpg)
![China's Wuhan Institute of Virology [Photo: Nature]](https://southarkansassun.com/wp-content/uploads/2023/09/d41586-021-01529-3_19239608-600x337.jpg)
Low- and middle-income purchasers who want to buy electric but are prevented by high pricing may benefit from the recent federal electric vehicle (EV) incentive change. (Photo: WFXR)
Clean vehicle tax credit change facilitates electric vehicle affordability
Low- and middle-income purchasers who want to buy electric but are prevented by high pricing may benefit from the recent federal electric vehicle (EV) incentive change. The clean vehicle tax credit, which provides up to $7,500 for new electric, hydrogen, or plug-in hybrid vehicles and up to $4,000 for used ones, is now available as a rebate at qualified dealers without waiting until tax filing. This adjustment should make electric vehicle ownership more accessible to many purchasers, especially those without tax liability.
Electric vehicle sales in the US rose to above one million in 2023. In July, the average new EV transaction price was $53,469, $5,000 higher than the average automobile price. Some automakers lowered prices in late 2023, but rising interest rates negated them.
The Inflation Reduction Act allows households earning up to $300,000, depending on filing status, to take advantage of the clean car tax credit for automobiles costing up to $55,000, with additional eligibility for specified vehicles.
READ ALSO: New Tax Credits Offer Thousands To Caretakers Supporting Elderly Family Members
This alteration to the EV tax credit is expected to enhance accessibility for lower-income individuals wishing to transition to electric vehicles, addressing certain financial barriers that previously prevented them from taking advantage of this program.
The immediate availability of the rebate at approved dealers is set to make electric vehicles a more realistic and achievable option for many buyers who were previously excluded due to the upfront cost or lack of tax liability. This change aligns with the government’s efforts to promote electric vehicle adoption by making it more financially viable for a broader segment of the population.
READ ALSO: New Law Allows Department Of Human Services To Track SNAP Fraud
