Know When you can claim over $10,000 in Climate Tax breaks.
By The Exchange Team
If households minimise their carbon footprint, they may soon get tax incentives and rebates.
But, eco-conscious consumers will have to wait until 2023 — possibly even 2024 or later — to get many of the financial benefits.
The Inflation Reduction Act provides the largest federal investment to tackle climate change in U.S. history.
The law offers financial incentives for buying high-efficiency appliances, electric autos, and rooftop solar panels.
There are various incentives for new and used electric vehicles, and each may affect a consumer's decision.
Electric car buyers can earn a $7,500 tax credit. Used cars can get $4,000. Used-car timing is simple: The 2023 tax break applies to purchases.
This "credit for used clean automobiles" lasts until 2032. Used-car buyers should wait until 2024 or later. New-vehicle timing is complicated.