Solar panels are cleaned in Pleasanton, Calif., on Tuesday, Oct. 24, 2017. (Doug Duran/Bay Area News Group)
The law on the reduction of inflation signed by President Biden this week aims to change the United States to a greener future by reducing the cost of electric vehicles, energy efficiency devices and solar panels on the roof.
Many consumers will benefit from it. But it is complicated, because the limitations apply. You will get breaks, but most will come at the time of tax.
For example, the model and is the only Tesla who will be eligible for the next budgetary credit of $ 7,500. Because? Because other models cost too much. Or the batteries that run electric vehicles come from China. And there are income thresholds to be eligible for tax exemption.
The legislation is 730 pages of dense legality. Many details have not yet been finished.
We extract information that will be more useful for people looking to make friendly climatic purchases.
electric vehiclesBuyers of new electrical hybrids, the fuel cells in sheet and hydrogen will obtain a tax credit for a value of up to $ 7,500, according to the battery . a reimbursement of $ 3,750 will be paid if at least 50% of the battery components are produced in American countries or in the free trade agreement, and that $ 3,750 will be paid at least if at least 40% of battery minerals come from American countries. From 2024, consumers can take this tax credit as a point of sale to the dealer.
But only vehicles that cost lower than a certain amount will be eligible. According to Kelley Blue Book, the average label price for a new electric vehicle in June was about $ 67,000, but the new budgetary credit is limited to silk, sedans, wagons and other vehicles that cost less than $ 55,000. This excludes more expensive like the Tesla Model S, BMW I4, BMW I7 or BMW IX and Hummers. For the SUV, trucks and trucks, the price threshold is higher, at $ 80,000 to obtain tax exemption.
And there is another wrinkle. As of August 16, the day the bill was signed, the former tax credit EV disappeared and only the vehicles gathered in North America are eligible for the new tax credit. This eliminates electric cars such as the BMW i4, Hyundai Ioniq 5, Kia Ev6 and Kia Niro Electric, Toyota Bz4x and Toyota Mirai and Subaru Singar. How do you know if the final assembly of an electric vehicle in North America has occurred? Enter the identification number of 17 -characters vehicles (wine) in the Vin Decoder Tool of the National Road Traffic Safety Administration: https://vpic.nhtsa.dot.gov/decoder/.
Automobile buyers must comply with certain income directives. Households with an adjusted gross income of up to $ 300,000 will be eligible for credit. Households must win below $ 225,000. People will only be eligible with an income of less than $ 150,000.
Used vehicles are also eligible for a budget loan of $ 4,000 or 30% of the sale price, which is lower. The car must be at least 2 years old, cost less than $ 25,000 and be sold by a qualified distributor. There are also income requirements for people looking for this credit: less than $ 150,000 for married couples or $ 75,000 for individual archivators. As with new cars, the tax credit will be refundable at the point of sale from 2024.
domestic heating
The law on inflation reduction is full of provisions to encourage an owner to make improvements in energy efficiency at home. But larger credits and reimbursements are available for the purchase and installation of a specific tool: a heat pump, an effective heating and cooling unit which replaces an oven and air conditioning.
As for cars, reimbursements depend on their income. If the entry of your home represents less than 80% of California's average family income, $ 78,672, according to the American census, you are eligible for a reimbursement of almost 100%. This means, for example, that it could recover $ 9,750 when buying $ 10,000 heat pump. If your family income varies from 80% to 150% of average income, it is eligible for a 50% reimbursement. Households earning more than 150% of average income are not eligible.
But beyond the refund, you can be eligible for a federal tax credit. Anyone who, whatever the income, is eligible.
This budget credit is good for 30% of the total cost of your heat pump, including the cost of the workforce, up to $ 2,000. It is available for any bomb purchased this year and is good until the end of 2032.
You can also claim up to $ 1,350 in tax credits on other energy efficiency expenses, such as $ 600 for air materials or tightness systems, $ 600 for stakes Up to date required for your electricity diet and $ 150 for a domestic energy audit, in which entrepreneurs and public service companies go home and tell him what he needs to improve.
devices
The inflation reduction law could help you save money if you buy an electric range, a stove or a wall oven.
provides only an approximate framework for reimbursements; California regulators will decide exact conditions, depending on the amount he earns and where he lives. (Refunds, which are intended to be delivered to the point of sale, are not immediately available. California must hammer the rules).
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