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There has been a lot of confusion about 2023’s new federal EV tax credit law.  First of all, when it comes to the tax code, many of us find it beyond confusing.  That is why a lot of people rely on tax professionals to help them prepare their annual tax returns.  Well the new EV tax credit won’t disappoint you, it is extremely confusing. more So What Exactly Is The Electric Vehicle Tax Credit? The electric vehicle tax credit is a nonrefundable tax credit. It is offered to taxpayers who purchase a qualifying new electric vehicle or plug-in hybrid vehicle. It can also be used on qualifying used electric vehicles.  A nonrefundable tax credit will lower your tax liability by the credit amount. However, it can only be used to offset taxes owed. If you do not owe taxes and are receiving a refund, you can not use the tax credit.  Taxpayers can only claim one credit per vehicle. The new vehicle EV tax credit is worth up to a total of $7,500. It consists of a $3,750 tax credit for the battery requirement and a $3,750 tax credit for the critical minerals requirement. The new electric vehicle must meet several other qualifications in order to qualify the full EV tax credit. You may also qualify for up to $4,000 tax credit on qualifying used electric vehicles. There is a maximum limit of 30% of the sales price of a used EV. How Will I Know If I Qualify For The Tax Credit? First, the vehicle you are purchasing must qualify for the tax credit.  The vehicle must meet several criteria such as MSRP, final assembly requirements, and battery & critical minerals requirements.  The IRS urges taxpayers to use its tool for the most up to date information on the tax credit and vehicle requirements.  You can now consult the FuelEconomy.gov website for the latest information. The purchaser of the electric vehicle must also qualify for the tax credit.  The new law sets limits on the modified adjusted gross income for taxpayers in order to qualify for the tax credit.  If both the vehicle and the taxpayer meet the requirements for the tax credit, you must file IRS Form 8936 with your tax return to claim the EV tax credit. Wallace Lincoln Here To Help Let the sales professionals at Wallace Lincoln of Fort Pierce help answer any questions you may have on new or used electric vehicles and plug-in hybrids.  You can also find answers to many of your questions at the Wallace Lincoln EV Education Center.  Ready to explore a new or used electric vehicle, contact Wallace Lincoln today.

Lincoln is leading the way to the future of driving with two Lincoln Plug-In Hybrid SUVs for 2023. You no longer have to sacrifice luxury for great gas mileage. Enjoying the luxury ride of a Lincoln Plug-In Hybrid SUV is also great for the environment. A Lincoln Plug-In Hybrid will also give you more horsepower and torque than the gas models, along with two additional drive modes. So what are your waiting for? Contact Wallace Lincoln in Fort Pierce to see the Lincoln Aviator Plug-In Hybrid or the Lincoln Corsair Plug-In Hybrid today! more Lincoln Aviator Plug-In Hybrid SUV The Lincoln Aviator Grand Touring Plug-In Hybrid SUV is a seven passenger luxury hybrid SUV. It combines a twin-turbocharged 3.0L V6 gas engine and an electric powertrain for the best luxury performance and ride. This combination creates an exhilarating 494 horsepower and 630 lb-ft of torque. You also get two additional drive modes: Pure EV for a quiet all-electric drive and Preserve EV to recharge the battery power for a later time. The Pure EV mode will give you an EPA-estimated all-electric range of up to 21 miles. Charging the Lincoln Aviator is easy with the included Lincoln Mobile Power Cord. This cord allows for charging at 120V or 240V outlets. You can also charge your Lincoln Aviator at thousands of public charging stations across the U.S. Forget about range anxiety because you are backed up by a gas engine for when charging isn't available. Lincoln Corsair Plug-In Hybrid SUV The Lincoln Corsair Grand Touring model give you the best of both worlds, a Plug-In Hybrid powertrain and two additional drive modes. Pure EV and Preserve EV drive modes allow you the freedom to choose between using gas or stored battery power. Charging your Lincoln Corsair is easy with the Mobile Power Cord that is capable of both Level 1 and Level 2 charging. Fully charge your Corsair in 10 hours on a Level 1 charger or three hours on a Level 2 charger. Range anxiety is a thing of the past with the 2.5L four cylinder gas engine that generates 266 horsepower for an effortless drive. The Corsair also displays a number of tools and tips for the most efficent use of your battery's electric charge. Now you can enjoy a luxury SUV ride while at the same time helping the environment by using less gas. Why Buy A Hybrid Vehicle From Wallace Lincoln There are a ton of benefits to owning a plug-in hybrid car over a pure gasoline powered vehicle. Saving money on gas and keeping the beaches and air of the Treasure Coast pristine, starts with a hybrid car. Whether you are looking for a new Lincoln Plug-In Hybrid SUV or a used hybrid car for sale, Wallace Lincoln in Fort Pierce should be your first stop. What are you waiting for? The future is here. Schedule a test drive today at Wallace Lincoln near Vero Beach.