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The United States Government has recently updated its website to announce that all new Tesla Model Y and Model 3 vehicles sold in the country are now eligible for the full $7,500 Electric Vehicle (EV) tax credit. This update comes as a result of the US federal government’s introduction of a $7,500 EV tax credit for electric vehicles and their batteries manufactured in North America starting from 2023.
Expanded Eligibility for Tesla Model 3: Previously, the Tesla Model 3 Standard Range, which sourced its battery packs from China, did not qualify for the EV tax credit. However, it appears that Tesla has made changes to ensure that all versions of the Model 3 and Model Y will now be eligible for the tax credit.
Key Requirements for the Tax Credit: The updated tax credit consists of two components. The first $3,750 of the credit is based on the vehicle having at least 40% of its battery critical minerals sourced from the United States or countries with a free trade agreement with the US. The remaining $3,750 of the credit is determined by at least 50% of the battery components of the vehicle being sourced from the United States or countries with a free trade agreement with the US.
Income and Price Restrictions: To qualify for the federal EV tax credit, individuals must report adjusted gross incomes of $150,000 or less, $225,000 for heads of households, or $300,000 for joint filers. Additionally, the revised credit applies to battery electric vehicles with a Manufacturer’s Suggested Retail Price (MSRP) below $55,000. Furthermore, the tax credit extends to zero-emission vans, SUVs, and trucks with MSRP values up to $80,000.
State Incentives for EV Buyers: In addition to the federal tax credit, it’s important to note that various state governments across the US also provide their own incentives for electric vehicle buyers. These state-level incentives can reach up to $7,500 based on the location of the buyer.
Conclusion: The US Government’s recent website update confirms that all new Tesla #Model Y and #Model 3 vehicles sold in the country are now eligible for the full $7,500 EV tax credit. The expansion of eligibility to include all versions of the Model 3 and Model Y brings increased benefits to Tesla customers. With federal tax credits and potential state-level incentives, the adoption of electric vehicles is further encouraged, promoting the growth of sustainable transportation in the United States.
Source: Updates by US Department of Energy for fuel economy tax credits for electric vehicles website
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As of: 2024-05-04 08:12
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