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How does the tax credit work? Do you need to earn enough to be paying 15k in taxes, to actually get it?
by shrubble 3y ago
How does the tax credit work? Do you need to earn enough to be paying 15k in taxes, to actually get it?
- acchow 3y agoIt actually has income limits. But assuming you make under the limit, it would reduce your tax burden by 7500 https://www.nerdwallet.com/article/taxes/ev-tax-credit-electric-vehicle-tax-credit https://www.nerdwallet.com/article/taxes/ev-tax-credit-elect...
- erik_seaberg 3y agoYou need a garage to charge an EV. How many homeowners are under the income limit?
- ericpauley 3y agoThe federal credit is nonrefundable. In the case of CA at least it appears you could have enough tax to get the full credit while still being under the income cap. In other states such as PA it's likely not possible to have enough tax to get the full federal credit while also qualifying for the state credit.