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Noel Santos
Emmanuel A. Santos JD CPA, Incorporated
447 Sutter Street, Suite 714, San Francisco, CA 94108
Phone: 415-362-8921
Fax: 415-362-8924
Cell: 415-412-5839
Email: noel@eas-cpa.com
Website: www.eas-cpa.com
Your Business...Your Family...Our Concern
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.
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