SUBSCRIBE
Enter your Name and Email address to get
the newsletter delivered to your inbox.
Please include name of person that directed you to my online newsletter so I can thank them personally.
Greenberg & Company, LLC, CPAs
500 Morris Avenue, Springfield, NJ 07081-1224
Phone: 973-467-3838
Fax: 973-467-3184
February 2024
February Client Profile
Christopher is weighing buying an EV van for his electrical contracting business. It’s a big outlay of money, so he’s wondering if there’s anything new he should know about the clean vehicle tax credit that might help him decide.
Actually, there are new rules Christopher should know about. Starting this year, motor vehicle dealers can apply the applicable clean vehicle tax credit directly to the price of a qualifying vehicle, which would give Christopher a sizable downpayment on the van he’s looking at.
How sizable? A qualified commercial clean vehicle may qualify for a credit of up to $40,000. The credit equals the lesser of:
- 15% of the buyer’s basis in the vehicle (30% if the vehicle isn’t powered by gas or diesel)
- The incremental cost of the vehicle
The maximum credit is $7,500 for qualified vehicles with gross vehicle weight ratings (GVWRs) under 14,000 pounds and $40,000 for all other vehicles.
Client Profile is based on a hypothetical situation. The solutions discussed may or may not be appropriate for you.
CONTACT US
Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.
The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.