Political observers were surprised when the 2018 Republican tax law kept incentives for renewable energy sources, including a $7,500 tax credit for people who purchase electric cars.
But if you want the best selling models of those cars and are counting on the tax credit, better buy them soon.
That’s because the tax incentive vanishes after a manufacturer has sold over 200,000 electric cars, and Tesla and General Motors are both expected to hit that threshold this year, meaning that the government incentive to purchase their vehicles – the most popular in the class – would vanish.
The 2018 tax law has a lot of idiosyncrasies, and they can mean thousands of dollars to you. Find out everything you need to know to save money. Contact Tax Ninja for a consultation.