Save up to $7,500 with new tax credit in Illinois

Jake Wells

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Wouldn't it be nice to save thousands of dollars when you do your taxes this year? Well, here's some good news for Illinois residents. Last summer, President Joe Biden signed the Inflation Reduction Act into law. This law was the largest-ever investment to preserve the environment and combat climate change. The Inflation Reduction Act also allows Americans to save thousands when they buy energy-efficient appliances and products. One of the most common ways to get this credit is to purchase an electric vehicle.

Save thousands with an electric vehicle

According to the IRS, if you bought a new, qualified plug-in electric vehicle (EV) in 2022 or before, you may be eligible for a clean vehicle tax credit up to $7,500 under Internal Revenue Code Section 30D.

The credit equals $2,917 for a vehicle with a battery capacity of at least 5 kilowatt hours (kWh) and you get an additional $417 for each kWh of capacity over 5 kWh. The maximum credit you can get is $7,500. This credit is nonrefundable, so you can't get back more on the credit than you owe in taxes.

Other credits available with the Inflation Reduction Act

There are many other areas that you can help save you money too. Homeowners can cut their tax bill with installing new energy-efficient windows, doors, water heaters, furnaces, and air conditioners. In addition, using biodiesel, alternative fuels, wind and solar power can give you valuable tax credits. For more info, you can visit this official page with the IRS.

What do you think about these tax changes?

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Disclaimer: Please note that this article is created for educational and informational purposes.

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# Taxes# Economy# Money# 2023# Government

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