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Ways The Inflation Reduction Act Can Save Your Family Money!
Dear Friend,
Thanks to the newly enacted Inflation Reduction Act, eligible families will save hundreds of dollars a year in energy savings. The policies in the law are monumental on a national scale – it will reduce the deficit by $300 billion while also standing up programs to spur the transition to clean energy. I was proud to support the Inflation Reduction Act, and I am thrilled that it will help Michigan families breathe a bit easier.
The Inflation Reduction Act offers homeowners up to 30% in tax credits for making energy efficiency improvements to their homes — up to $1,200 per year! Eligible new clean vehicle owners can also receive a tax credit up to $7,500, and up to $4,000 for used.
This week, I would like to share a few highlights of how the savings across the law could save a family in Michigan’s 11th District thousands of dollars in a single year.
Tax Credits for Home Energy Efficiency Improvements – Credit up to $1,200 per year
As a result of the Inflation Reduction Act, homeowners will have access to expanded tax credits for energy efficiency improvements, including certain onsite installation costs. When households need to replace appliances or make home repairs, they can use tax credits for energy efficient improvements that save them money in the long run. These efficiency improvements include upgraded windows, doors, insulation, and other home weatherization services; or highly-efficient heating and cooling appliances like heat pumps, central air conditioners, and water heaters.
This year homeowners can receive up to 30 percent back through tax credits for making energy efficiency improvements to their home – up to a maximum of $1,200 per year.
Some eligible expenditures include onsite installation costs. Visit the IRS website for more information. Additionally, you can learn more on how you or your family can save on utility bills, energy-saving appliances, and access the economic opportunities of the clean energy future at https://www.whitehouse.gov/cleanenergy/.
Tax Credits for New Electric Vehicles Purchased in 2023 – Credit up to $7,500
You may qualify for a credit up to $7,500 if you buy a new, qualified plug-in EV or fuel cell electric vehicle (FCV). The credit is available to individuals and their businesses. To claim the credit file Form 8936 with your tax return. You will need to provide your vehicle's VIN.
You can find your vehicle's weight, battery capacity, final assembly location (listed as “final assembly point”) and VIN on the vehicle's window sticker. To check online if a specific vehicle meets the requirements for final assembly location, go to the Department of Energy's page on Electric Vehicles with Final Assembly in North America and use the VIN Decoder tool under "Specific Assembly Location Based on VIN."
To qualify, you must:
- Buy it for your own use, not for resale
- Use it primarily in the U.S.
In addition, your modified adjusted gross income (AGI) may not exceed:
- $300,000 for married couples filing jointly
- $225,000 for heads of households
- $150,000 for all other filers
Qualified Vehicles
To qualify, a vehicle must:
- Have a battery capacity of at least 7 kilowatt hours
- Have a gross vehicle weight rating of less than 14,000 pounds
- Be made by a qualified manufacturer. See be sure to check the index of qualified manufacturers and vehicles on the IRS website.
- Undergo final assembly in North America
The sale qualifies only if:
- You buy the vehicle new
- The seller reports required information to you at the time of sale and to the IRS.
- Sellers are required to report your name and taxpayer identification number to the IRS for you to be eligible to claim the credit.
In addition, the vehicle's manufacturer suggested retail price (MSRP) can't exceed:
- $80,000 for vans, sport utility vehicles and pickup trucks
- $55,000 for other vehicles
The vehicle's manufacturer suggested retail price is the retail price of the automobile suggested by the manufacturer, including options, accessories and trim but excluding destination fees. It isn't necessarily the price you pay. To confirm whether a vehicle is a van, sport utility vehicle, pickup truck or other, visit the IRS website’s qualified vehicles and manufacturers page.
*For vehicles purchased in 2022 credit eligibility was determined under different criteria and information can be found on IRS.Gov *
Tax Credits for Used Electric Vehicles – Credit up to $4,000
This year individuals can receive a tax credit of up to $4,000 for certain used electric vehicles and plug-in hybrids purchased through a dealership. More details and information on the qualifications can be found on the IRS website.
To qualify, the vehicle must:
- Generally be a model at least two years old
- Have a battery capacity of at least 7kW hours
- Be sold at a participating dealer which is licensed in the jurisdiction
Rebates for Residential Energy Efficiency Improvements
The Inflation Reduction Act includes multiple tax incentives and investments to bolster consumer home energy rebate programs. The Inflation Reduction Act established two energy efficiency rebate programs that individuals can apply for: the HOME Rebates Program and the High-Efficiency Electric Home Rebate Program. These programs, run by the Department of Energy (DOE), will be administered by state energy offices.
Last year, the State of Michigan was awarded almost $106 million for consumer home energy rebate programs, focused on low-income consumers, communities will be able to electrify home appliances and perform energy efficient retrofits. DOE anticipates that the funding to states and Tribes will be available by Spring 2023, and the rebates will be available to the public later in the year.
I strongly urge you and your family to take advantage of these wonderful opportunities. Please stay updated with the latest guidance at https://cleanenergy.gov/. As your Congresswoman, I am honored to share with you information on energy rebates and tax credits available to help YOU save money.
Sincerely,
Haley Stevens
Member of Congress
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