[ARob]

There are already a number of threads discussing the upcoming tax incentives for EVs and Charging Equipment. The result is a lot of duplication across the site.

Please, if you are just getting started, take some time to read about the incentives before asking questions, and if you do need clarification, try asking in existing active threads on the topic.

Here are a few good resources for getting up to speed:

• IRS Official Site
• EV Incentives for 2023: What You Need To Know About 2023 EV Tax Credits -
• States Incentives: See What's Happening in My State -
• EV Charger Tax Incentives: https://driveelectriccolorado.org/incentives/tax-credits-2/

There may be additional resources in your state, and don't forget to inquire with your local Electric Utility company, a growing number of utilities are offering rebates on home charging equipment, installation costs, and EV Time of Use (TOU) rate programs to reduce your home charging costs.

 

[ARob]

Is it possible to get the $4000.00 used car rebate if you purchase your two year old lease from GM Financial?

In the first link above, there is this statement re: Used EV purchases:

• The purchaser cannot be the original user of the vehicle.

I would guess buying off-lease in a car you have been leasing won't qualify.

 

[ARob]

So if you owed $20,000 in federal taxes in 2023, and had withholding of $18,000 would you be able to claim and the $7500 credit in 2024. Essentially, would the $7500 credit offset the $20,000 tax obiligation?

Right, in this case your tax liability is $20k, so you would qualify for the full credit. Withholding has nothing to do with the credit eligibility.