Pub. 12 2022 Issue 3

Continued from page 17 Additional guidance from the Treasury Department on the $7,500 EV tax credit is available here: https://www.irs.gov/ businesses/plug-in-electric-vehicle-credit-irc-30-and-irc30d and here: https://home.treasury.gov/system/files/136/ EV-Tax-Credit-FAQs.pdf. State EV Rebate The general parameters of the State $4,000 EV Rebate Program have not changed since it rolled out July 1, 2022. Additional information about the State EV Rebate is included here because the eligibility standards differ from those for the federal $7,500 income tax credit. Customers and vehicles qualifying for the income tax credit may or may not qualify for the state rebate. Some recent developments with the State rebate program may affect your customers. The IEPA rebate application portal will be closed during the month of October. Vehicles sold during the month of Oct. 2022 will be able to qualify for a rebate, but customers who purchase on or after Oct. 1 will not be able to submit applications until Nov. 1, 2022. Additionally, for vehicles purchased between July 1, 2022, and Sept. 30, 2022, rebate applications must be submitted by Sept. 30, 2022. For additional details about the State EV Rebate Program, please refer to our June 29, 2022 IADA Bulletin at www.illinoisdealers.com. A Note About Vin Lookup Tools • Scan this QR code and use this VIN Decoder tool to determine whether an EV was manufactured in North America: https://www.nhtsa.gov/ vin-decoder. A vehicle must be a qualifying EV and manufactured in North America to qualify for the $7,500 Income Tax Credit. • Scan this QR code and use this tool to determine eligibility for the $4,000 Illinois EV Rebate. A vehicle that appears on this list is NOT eligible for the $4,000 Illinois EV Rebate: https://www2.illinois.gov/epa/ Pages/default.aspx. • Scan this QR code if you want to go the extra mile. You can use this VIN lookup tool to determine whether a vehicle has an open recall: https://www.nhtsa.gov/recalls. While recall status does not affect eligibility for the $7,500 Income Tax Credit nor the $4,000 State EV Rebate, an unrepaired recall can provide an opportunity for service business. 18

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