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The Affordable Care Act can save you thousands of dollars in tax credits and fees. The law creates new programs and modifies existing programs. Below are some of those programs and some specific guidelines you should follow to take advantage of them.
-ELECTRIC VEHICLES
This would extend the federal income tax credit to $7,500 on a new electric vehicle until the end of 2032. Beginning in 2023, a new credit will be available for older white vehicles. 30% of the price or $4,000, whichever is less. However, there are restrictions on vehicle pricing, customer income and investment requirements. Those limits make it impossible for many new cars to be borrowed.
Requirements:
FOR NEW CARS
-The final assembly of the new car should take place in North America.
-Beginning in 2023, there is a requirement for the source of the essential minerals of the car battery and its components. A percentage must come from the US or elsewhere in North America, and that percentage changes every year. You lose half of the tax credit if the new vehicle doesn’t meet one of those requirements, or you lose the entire $7,500 if it doesn’t.
-Sedan MSRP must be below $55,000.
-SUV, Truck, Van MSRP must be under $80,000.
– Must be under $150,000 for individuals, $300,000 for couples filing jointly, $225,000 for individuals filing as heads of household.
ABOUT USED CARS
-The model of the vehicle must be more than 2 years old.
-A prize fund of $25,000.
-Buyers must pay under $75,000 individually, $150,000 for couples filing jointly, $112,500 for individuals filing as heads of household.
-WORK SPACE BY HOME
These tax credits reduce the cost of installing rooftop solar for a home by 30%. This is retroactive to the beginning of 2022 and will go to the end of 2032. It will help pay for the new system and installation.
-NONBUSINESS ENERGY PROPERTY LOVE
A 30% tax credit, up to $1,200 per year. This applies to the cost of installing exterior doors, windows, lighting and heating, among other things. There is a higher annual cap of $2,000 for heat pumps, heat pump water heaters and biomass stoves and boilers. The new rules for this number will start in 2023 and last until 2032.
-This program has been known as the Nonbusiness Energy Property Credit but has been renamed the Energy Efficient Home Improvement Credit.
In addition:
-The $500 life zone based on the total amount owed will be replaced by $1,200 annual limit.
The annual limits for each type of upgrade are:
-$150 for home electrical audits.
-$250 for an exterior door ($500 total for all exterior doors) that meets Energy Star requirements.
-$600 for exterior windows and light fixtures that meet Energy Star’s optimal certification requirements.
-$600 for other energy products, including central air conditioners; electronic media and related equipment; natural gas, propane, or oil water heaters; oil furnace; water pot.
– $2,000 for heat pump and water heater; biomass stoves and boilers. This portion of the upgrade is not limited by the $1,200 annual limit on total credits or the $600 limit on eligible electronic assets.
-The ceiling will not fit.
-THE HOME REBATE PROGRAM
Individuals can receive up to $8,000 in rebates for cutting home energy costs by making improvements. The total savings depend on the energy reduction and the household’s income level. This program is not yet available
-THE “HIGH-EFFICIENCY HOME TECHNOLOGY”
Individuals can earn up to $14,000 in total fees. $840 for electric stoves and electric heat pump clothes dryers, $1,750 for heat pump water heaters, $8,000 for a heat pump for space heating and cooling. Updates on electronic devices are also necessary. People earning 0%-80% of the median income in an area can afford to pay all of these purchases. People earning 80%-150% of the median income in a given area can get 50% of the cost covered. This program is not yet available.
At this time, we don’t know exactly when these two payment programs will start. The North Carolina Department of Energy is awaiting further guidance on implementing the two tariff programs.
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