EV Tax Credit Eligibility Demystified with New Free Tool
SEATTLE, Jan. 03, 2023 (GLOBE NEWSWIRE) -- The first tax credits for used electric vehicles (EV) that took effect on January 1st can create eligibility confusion for eager EV adopters. Attempting to scan the 700-page Inflation Reduction Act that introduced the tax credits only complicates the search for answers.
Recurrent, a leader in EV analytics, launched a free tax credit eligibility tool to answer key questions for used cars on the market. Any shopper can enter a vehicle identification number (VIN) for a used car in the U.S. to check it against tax credit guidelines. The VIN is included in most car dealership listings.
“I have spent hours poring over the tax credit bill with legal experts and the eligibility criteria can read like a puzzle,” said Liz Najman, policy research and communications manager at Recurrent. “This eligibility tool makes it much easier. In about 30 seconds, a car shopper will have a good idea if a used EV is likely to receive a tax credit – no tax law background required.”
Tax credit eligibility includes vehicle restrictions and buyer restrictions. Examples of vehicle restrictions include battery size, model year, vehicle seller and sale price. Recurrent’s tool uses market monitoring to check the price, seller and vehicle specifics automatically. Examples of buyer restrictions include annual income and whether they have received this tax credit in recent years. The buyer restrictions are outlined in greater detail in Recurrent’s tax credit guide.
Today, roughly 23 percent of the 34,800 used EV listings in the U.S. are expected to be eligible for a tax credit, up from 12 percent in October 2022. That number should continue to rise as used car prices fall back toward pre-pandemic levels.
After purchasing a used EV, owners can monitor their range and battery performance with free reports from Recurrent. This service is used by over 10,000 EV owners in all 50 states. Roughly 60 EV models are currently supported in the U.S.
To learn more about Recurrent, visit https://www.recurrentauto.com/.
Uproar PR for Recurrent