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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. more 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 Volkswagen Is Here To Help Let the sales professionals at Wallace Volkswagen of Stuart help answer any questions you may have on new or used electric vehicles and plug-in hybrids.  You can also find answers to many of your questions about the VW Id.4 electric SUV at the Wallace Volkswagen EV Education Center.  Ready to explore a new or used electric vehicle, contact Wallace Volkswagen today.

Wallace Volkswagen in Stuart is your VW dealership for new Volkswagen ID.4 electric vehicles. The Volkswagen ID.4 Electric SUV can take you where ever you want to go! With an EPA estimated range of 275 miles, you will find the ID.4 is a true SUV. The VW ID.4 has plenty of torque that will make you feel like you are driving a sporty convertible, not an SUV. Available all-wheel-drive gives you a second electric motor at the front wheels for quicker acceleration and intelligent handling. The ID.4's spacious, modern cabin is full of luxury design and comfort. Contoured leatherette seats and available massaging lumbar are just some of the features available on this VW electric SUV. more Technology Takes The Lead In The Volkswagen ID.4 SUV Volkswagen has made technology the lead element in all current and future VW electric vehicles. A 12" touchscreen display with voice control is your central hub for all features from climate control to navigation. Wireless phone charging and App-Connect with Apple CarPlay or Android Auto bring your favorite apps right to the touchscreen. The Volkswagen ID.4 SUV will also communicate with you through ID. Light, an intuitive light bar that runs across your dashboard. The ID. Light uses glowing lights and acoustic cues to communicate incoming calls, brake warnings, charge status, and more. The Volkswagen ID.4 SUV is a smart car. It will sense your presence and intuitively start when you sit in the driver's seat with the key fob. The ID.4 SUV automatically wakes up and is ready to go. Just put the ID.4 in drive and you are off! Charging The Volkswagen ID.4 SUV Is Easy The Volkswagen ID.4 SUV can be charged at home with a Level 2 home charger (sold separately) by Electrify Home. Qmerit Charge@Home can handle the installation. The 2023 Volkswagen ID.4 also comes with three years of 30-minute charging sessions at Electrify America's nationwide network of DC fast-charging stations. Electrify America is expected to have over 1,700 charging stations with 9,500 chargers along major highways by the end of 2025. You can also use public charging from the ever growing network of more than 45,000 chargers across the nation. Why Buy A Hybrid Vehicle From Wallace VW In Stuart There are a ton of benefits to owning a plug-in hybrid car or pure electric vehicle. Saving money on gas is what first comes to mind. What about doing your part to help improve the environment? Keeping the Treasure Coast beaches and air clean should be a priority to all of us that live and work here! Whether you are looking for a new Volkswagen ID.4 or a used hybrid car for sale, Wallace Volkswagen near Fort Pierce is here to help you. Browse our inventory, then contact Wallace Volkswagen or schedule a test drive appointment online.