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.

The post The New EV Tax Credit Has Many Requirements appeared first on Wallace Genesis Blog.

Genesis is readying a second electric model for its lineup of luxury cars, this time in the form of the GV60 crossover. The GV60 will share a platform with the Hyundai Ioniq 5 and the Kia EV6 SUVs and will sit alongside the Electrified G80 sedan when it goes on sale sometime next year. The GV60 incorporates styling elements found in other Genesis models, but it lacks the brand’s large trapezoidal grille that stretches between the dual element headlamps, substituting a slimmer lower grille across the front bumper.

Inside, the GV60’s cabin looks decidedly premium, with a large monolithic display screen serving as both gauge cluster and infotainment system. Genesis hasn’t released any information about the GV60’s powertrain yet, but we expect both rear- and all-wheel-drive models; the most powerful EV6 trim boasts up to 576 horsepower, so we’re hoping such a powerhouse will also be available here in the Genesis.

What’s New for 2023?

The GV60 will be a new model for Genesis and the brand’s third SUV when it hits the market. Genesis says U.S. deliveries are expected to start sometime in 2022, which leads us to believe those cars will be marked as 2023 models.

Pricing and Which One to Buy

Genesis has not released any information about pricing or said what features will be standard and optional on the GV60. We expect a starting price around $55,000, which will help the new SUV compete directly with rivals such as the upcoming Audi Q4 e-tron, the Volvo XC40 Recharge, and the coupe-like C40 Recharge. When we learn more about how the GV60 will be priced and equipped, we’ll update this story with more details.

ENGINE, TRANSMISSION, AND PERFORMANCE

The base GV60 will have a range of around 300 miles and a complete charge cycle of around 2 hours.

There is also a new Boost Mode feature on the new 2022 Genesis GV60 that will throw you back in your seat and get you to your destination sooner. Please make sure to drive responsibly.

INTERIOR, COMFORT, AND CARGO

Inside, the GV60 delivers a luxury experience, thanks to attractive materials and excellent build quality. Its driver-centric layout and straightforward controls cater to driving enthusiasts. Likewise, the upscale brightwork and decoratively stitched surfaces on our test car appeased our affluent side. Genesis also keeps things classy by avoiding the urge to plaster faux carbon-fiber bits and a flat-bottom steering wheel into the cabin, and the result is an interior that seems more luxurious than the Alfa Romeo Giulia or Jaguar XE.

While the front seat strikes a nice balance between comfort and sport, the rear seat is compromised by limited legroom. We managed to fit five carry-on bags in the GV60’s trunk, and 14 total with the rear seat folded. Interior cubby storage includes a useful tray at the front of the center console that is perfect for smartphones and other small items. Unfortunately, the door pockets are small, and the center console bin lacks organization.

INFOTAINMENT AND CONNECTIVITY

Every GV60 is fitted with a standard 10.3-inch touchscreen infotainment system that protrudes from the otherwise clean dashboard. The setup includes desirable features, such as Apple CarPlay and Android Auto capability. We’ll know more about the 2022 GV60’s infotainment offerings closer to the car’s on-sale date.

SAFETY AND DRIVER ASSISTANCE FEATURES

However, the Genesis hasn’t been evaluated by the National Highway Traffic Safety Administration. The electric SUV boasts several standard driver-assist technologies, such as adaptive cruise control with stop-and-go technology and forward collision warning with automated emergency braking. Key safety features include:

•  Standard automated emergency braking with pedestrian detection.
•  Standard lane departure warning and lane-keeping assist.
•  Standard adaptive cruise control.

The post 2022 Genesis GV60 Review, Pricing, and Specs appeared first on Wallace Genesis Blog.