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Can A Tesla Pay Off Your Federal Tax Debt?
President Biden and his party appear to have reached an agreement on a big social spending plan after months of discussions and brainstorming. In addition, the White House's Build Back Better framework includes a $5,000 increase in the electric vehicle tax credit, for a total of $12,500.
There's An EV Tax Credit Increase?
As of Oct. 28, the answer appears to be yes. President Biden's Build Back Better plan includes a $12,500 electric vehicle tax credit, up from the $7,500 now offered to eligible vehicles and purchasers. Its inclusion comes as the framework drops a slew of other measures in order to reach an agreement with the president's Democratic allies.
The finer specifics aren't yet public, but the White House's announcement highlights previously discussed negotiations. To be eligible, automakers must produce their electric vehicles in the United States using union workers. It's unclear whether the bonus credits will be split as previously stated ($2,500 for US assembly and $2,500 for a union workforce). "The framework's electric vehicle tax credit will lower the cost of an electric vehicle that is made in America with American materials and union labor by $12,500 for a middle-class family," the White House says so far. Importantly, this would prevent Tesla and even US automakers constructing EVs outside of the nation, such as Ford's Mustang Mach-E, from receiving at least a portion of the tax credit rise.
Tax Relief Support
If you've found yourself in a nasty mess with the IRS, take a deep breath. It'll be okay. Unpaid back taxes may be the biggest issue that taxpayers face, but the resolution may be very simple. For taxpayers who may have difficulty paying off an excessive amount of tax debt, there's a relief program that consolidates many major relief programs into a one-size-fits-all assistance program; The IRS Fresh Start Program. Our clients are referred to our Fresh Start Program in order to avoid bankruptcy, acquire debt relief, and settle their debts in a quick manner. Let us give you a helping hand today!
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