Photo: Shari Small/WBZ NewsRadio
LAWRENCE, Mass. (WBZ NewsRadio) — Some Massachusetts drivers are taking advantage of some big tax credits on electric vehicles (EV).
Former President Joe Biden’s federal EV tax credit, which expires on Sept. 30, can take $7,500 off the sticker price of an EV. Massachusetts also offers a $3,500 credit for qualifying EVs. President of Commonwealth Motors Charlie Daher said a lot of customers are making the switch to an EV while the tax credits are in effect.
“We’ve sold several because of that, only because of the savings alone,” said Daher. “Now they say all of a sudden, ‘well, you know what, I do like electric vehicles’ because they’re saving so much money.”
While losing $11,000 off the top might sound like a big hit for any car dealership, Daher said it has been a simple process for them to get reimbursed.
“We take it off the price and we apply to the government to get the money issued back to us,” said Daher.
The Trump Administration also has a new tax credit on loan interest paid on the purchase of a new, American-made vehicle. According to Daher, Teslas, Chevy Silverado EVs, Volkswagen ID.4s, and Kia’s EV6s and EV9s would qualify for all three benefit programs.
WBZ NewsRadio’s Shari Small (@ShariSmallNews) reports.