As the world continues to embrace eco-friendly transportation alternatives, the United States federal government is incentivizing the adoption of electric and hybrid vehicles, under the Section 179 eligible vehicles tax provision.
Section 179 Eligible Vehicles: Unlocking Tax Credit Savings for Electric and Hybrid Cars in 2023
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Considering Section 179 eligible vehicles tax provision, prospective car buyers can enjoy significant savings through a tax credit of up to $7,500. This initiative aims to encourage the purchase of cleaner, more sustainable vehicles, ultimately contributing to a greener future. The updated Section 179 eligible vehicles unveiled by the federal government specify the criteria for vehicles that qualify under Section 179. To qualify as one of the Section 179 eligible vehicles for the tax credit, individuals or businesses must purchase a new “clean” vehicle after April 18, 2023. The Section 179 eligible vehicles should meet specific “critical” mineral and battery component requirements, and its assembly must take place in North America. Additionally, the manufacturer’s suggested retail price (MSRP) must not exceed $80,000 for sport utility vehicles, pickups, and vans, or $55,000 for other vehicle types.
Explore the Lineup of Section 179 Eligible Vehicles
Section 179 Incentive Fuels Demand for Clean Vehicles in 2023 (PHOTO: Robert Linder)
With the rising popularity of electric and hybrid vehicles, several automakers have stepped up to offer models that meet the Section 179 eligible vehicles criteria. One of the frontrunners in this movement is Cadillac, with its 2023-2024 Lyriq model. This all-electric SUV boasts an MSRP within the eligible range, presenting a compelling option for environmentally-conscious consumers. Chevrolet is making its mark in the Section 179 eligible vehicles category with multiple offerings. The 2024 Chevrolet Blazer, starting at an affordable $35,400 MSRP, showcases the brand’s commitment to combining eco-friendliness with value. Similarly, the Chevrolet Bolt and Bolt EUV, eligible for the tax credit in 2022-2023, cater to the diverse preferences of potential buyers by offering a roomy interior and SUV-like design. The shift toward more sustainable transportation options is not limited to just a few automakers. Industry giants like Ford and Tesla are also on board. The Ford F-150 Lightning, available in standard and extended-range battery options, is a prime example of an electrified workhorse. Meanwhile, Tesla’s Model 3 and Model Y are contributing to the electric revolution, with multiple versions meeting the Section 179 eligible vehicles criteria.
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