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.

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 Genesis Is Here To Help

Let the sales professionals at Wallace Genesis in Stuart help answer any questions you may have on new or used electric vehicles and plug-in hybrids.  Ready to explore a new or used electric vehicle, contact Wallace Genesis today.

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Used Genesis G70 For Sale Near Palm Beach Gardens

If you are in the market for a great used, luxury, sedan, then you should look at a used Genesis G70 at Wallace Genesis in Stuart.  The Genesis G70 is a credible alternative to German sport sedans from BMW and Mercedes-Benz.  It is a blast to drive, well equipped and nicely finished.  From the minute you get behind the wheel of a used G70, you will enjoy the well balanced performance, ride and handling of the 2-liter, 4-cylinder turbo engine paired with an 8-speed automatic transmission.  You also get all the safety features you would expect in a luxury car standard in the G70.  This lead the Genesis G70 to a Top Safety Pick rating with the IIHS.  Stop by Wallace Genesis and check out a used Genesis G70 today.

Used Genesis G80 For Sale Near Port St. Lucie

The midsized Genesis G80 luxury sedan gives you more room than the Genesis G70.  It is also a competitive alternative to the likes of Audi, BMW, and Mercedes-Benz.  A used Genesis G80 will give you a smooth, luxury ride with an interior full of all the features you would expect from a luxury sedan.  Don’t let the look foul you, the G80 gives you the power of a sports sedan with a 300-hp turbocharged four-cylinder engine aided by a responsive and smooth eight-speed automatic transmission.  It is also available with a 375-hp turbocharged V6 engine and the standard drivetrain is RWD with an available AWD option.  Like the Genesis G70, the G80 comes with all safety features as standard equipment and received a Top Safety Pick from IIHS and a 5-Star Overall Crash Rating from NHTSA.  Schedule a test drive today at Wallace Genesis in Stuart and get ready to be blown away!

Used Genesis GV70 For Sale Near Fort Pierce

Genesis is now in the luxury SUV segment and has made a big splash with the compact Genesis GV70 SUV.  Wallace Genesis in Stuart is your dealer for a used Genesis GV70.  The GV70 gives a great blend of luxury and sport that makes driving a used Genesis GV70 a memorable experience.  The GV70 comes with a standard 300-hp, 2.5-liter turbocharged four-cylinder engine and a smooth shifting eight-speed automatic transmission.  There is also an available 3.5-liter, V6 turbo engine that pumps out 375-horsepower, that is sure to excite you when you hit the gas pedal!  The Genesis GV70 has all safety features standard along with a standard AWD powertrain which lead to a Top Safety Pick rating for overall safety from the IIHS.  Stop by Wallace Genesis and test drive a used Genesis GV70 today.

Used Genesis GV80 For Sale Near Vero Beach

The GV80 was the first SUV to market from Genesis and it has definitely put the brand on the short list of many luxury SUV buyers.  A used Genesis GV80 midsized SUV will give you more space then the GV70.  The GV80 is a dream to drive with its quick and quiet ride.  The GV80 is available with an eight-speed automatic transmission married to two engine options: a 2.5-liter, 4-cylinder 300-hp turbo engine or a 3.5-liter, V6 375-hp turbo engine.  There are also two drivetrain options with standard RWD or an upgrade to AWD.  Like its fellow Genesis models, the GV80 received a Top Safety Pick Rating from IIHS and a 5-Star Overall Crash Test Rating from the NHTSA.  If you haven’t looked at a Genesis yet, you are missing out!  Contact Wallace Genesis in Stuart and make an appointment to see a used Genesis GV80 today.

Used And Certified Pre-Owned Genesis For Sale In Stuart

Wallace Genesis is your Treasure Coast used Genesis dealership.  As a part of the Wallace Auto Group, the largest dealership group on the Treasure Coast, we have access to an inventory of over 400 used cars, trucks and SUVs at our dealerships in Stuart and Fort Pierce.  Let the Sales team at Wallace Genesis help you find the perfect used Genesis.  Our Finance Department will work hard to get you the best interest rate and offer you several finance options to fit your budget.  Stop by or contact us today.

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