It is officially 2024, and that means that EV Tax Credits for Tesla and others is now eligible for Point Of Sale (POS) transfer. With his major change to the tax code in EV tax credits, 2024 is likely to be the year of the EV.

Not only did Tesla once again start qualifying for the EV tax credit of up to $7,500 beginning in 2023, but that tax credit is now able to be realized at time of sale, or when you actually buy the EV. Starting January 12th, 2024, you will be able to apply that $7,500 to an eligible Tesla at the time of your purchase.

This will be eligible for the Tesla Model 3 Performance, Model Y RWD, Model Y LR, Model Y Performance and the Model X LR. These vehicles all qualify for the maximum credit, or $7,500.

By transferring the EV tax credit, you are gaining some additional benefits. First, you will be able to treat this tax credit as cash during your purchase, meaning you can apply the full amount or som of the amount directly to the purchase as iff it were a down payment. 2nd, you will also have less qualification requirements when you transfer the credit, meaning you only need to be under the income threashold of $300k for joint filers and $150k for individuals.

Your tax liability does not matter, ONLY IF, you do not exceed the income caps AND you transfer the credit to an approved dealer. If you decide to wait to claim the tax credit until you file your taxes, you will also have to have enough tax liability to realize the full amount.

Another benefit to this update is the income caps are based on AGI, for EITHER the year the vehicle is placed into service or the previous year. This gives you 2 years of income to qualify without exceeding the income caps in place.

Finally, you are able to claim "unlimited" tax credits. Each year, each taxpayer is able to transfer up to 2 credits per year to an approved dealer. You are also able to continue claiming tax credits beyond that, but the remainder will not be claimed until time of filing your taxes. The 2 credits transferred are only subject to income cap requirements. The remaining credits are also limited to your tax liability, meaning you can only take as many tax credits as you have tax liability to cover.

**NOT FINANCIAL ADVICE**

Links:
Qualified Vehicles: https://fueleconomy.gov/feg/tax2023.shtml
IRS Guidance 12.29.23: https://www.irs.gov/pub/taxpros/fs-2023-29.pdf
IRA Law: https://www.congress.gov/bill/117th-congress/house-bill/5376/text


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