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There has been a lot of confusion about 2023’s new federal EV tax credit law.  First of all, when it comes to the tax code, many of us find it beyond confusing.  That is why a lot of people rely on tax professionals to help them prepare their annual tax returns.  Well the new EV tax credit won’t disappoint you, it is extremely confusing. more So What Exactly Is The Electric Vehicle Tax Credit? The electric vehicle tax credit is a nonrefundable tax credit. The Credit is offered to taxpayers who purchase a qualifying new electric vehicle or plug-in hybrid vehicle. The tax credit can also be used on qualifying used electric vehicles.  A nonrefundable tax credit will lower your tax liability by the credit amount. However, it can be used to offset taxes you owe. If you do not owe taxes and are receiving a refund, you can not use the tax credit.  Taxpayers can only claim one credit per vehicle. The new vehicle EV tax credit is worth up to a total of $7,500. It consists of a $3,750 tax credit for the battery requirement and a $3,750 tax credit for the critical minerals requirement. The new electric vehicle must meet several other qualifications in order to qualify the full EV tax credit. You may also qualify for up to $4,000 tax credit on qualifying used electric vehicles. There is a maximum limit of 30% of the sales price of a used EV. How Will I Know If I Qualify For The Tax Credit? First, the vehicle you are purchasing must qualify for the tax credit.  The vehicle must meet several criteria such as MSRP, final assembly requirements, and battery & critical minerals requirements.  The IRS urges taxpayers to use its tool for the most up to date information on the tax credit and vehicle requirements.  You can now consult the FuelEconomy.gov website for the latest information. The purchaser of the electric vehicle must also qualify for the tax credit.  The new law sets limits on the modified adjusted gross income for taxpayers in order to qualify for the tax credit.  If both the vehicle and the taxpayer meet the requirements for the tax credit, you must file IRS Form 8936 with your tax return to claim the EV tax credit. Wallace Cadillac Is Here To Help Let the sales professionals at Wallace Cadillac of Stuart help answer any questions you may have on new or used electric vehicles and plug-in hybrids.  Ready to explore a new or used electric vehicle, contact Wallace Cadillac today.

The 2023 Cadillac Lyriq luxury SUV is ready to hit the road and you won't be disappointed!  The Cadillac Lyriq range of 312 miles will have no problem getting you to where you need to go.  When it comes to charging the Cadillac Lyriq, you have plenty of options.  The Level 2 home or public 19.2 kW AC charging station can charge the Cadillac Lyriq up to 52 miles of range per hour.  A DC Fast Charge public charging station can recharge the Cadillac Lyriq with up to 76 miles of range in about 10 minutes.  You also will receive a dual-level charging cord with your new Cadillac Lyriq which will allow you to charge the Cadillac Lyriq from an appliance-style 4-pronged outlet or a standard 3-prong outlet.  This Charging cord can be taken with you on road trips to make charging away from home easier.  Cadillac is happy to partner with Qmerit to help our new Lyriq owners with Level 2 home charging installation.  Piece of mind is also part of the ownership experience with Cadillac.  In addition to the standard Cadillac Bumper-to-Bumper coverage of 4 years or 50,000 miles, the battery pack is covered by a 8-Year/100,000-Mile limited warranty.  This warranty covers the materials and workmanship of the battery pack and its internal components. more The Ultium Battery Platform enables a near 50/50 weight distribution and lower center of gravity for a sporty and responsive handling.  The five link front and rear suspension allows for independent tuning for a smooth ride and responsive handling.  The Standard 20" 6-spoke alloy wheels or the available 22" split-spoke reverse rim alloy wheels complete the luxury ride you expect from Cadillac.  The Lyriq has plenty of power with the 340 horsepower FWD model or the 500 horspower AWD version.  The on-demand driving mode gives you the power to choose from four different driving modes.  Select from Tour, Snow/Ice, Sport or My Mode to enhance your current driving conditions. Safety and Driver Assistance through the Cadillac Smart System provides a suite of standard driver assistance features to keep you and other pedestrians safe.  Some of the standard features of the Cadillac Smart System include Automatic Emergency Braking, Forward Collision Alert, Front Pedestrian Braking, Rear Park Assist, HD Rear Vision Camera, Blind Zone Steering Assist, Adaptive Cruise Control, HD Surround Vision and Rear Cross Traffic Braking to name a few. The Cadillac Lyriq Interior Will Awaken Your Senses The Cadillac Lyriq has a spacious interior.  Not having a combustion engine and transmission tunnel means you have more leg room and storage in the Cadillac Lyriq.  A single, continuous 33" diagonal LED display capable of 9K resolution curves toward the driver for a true cockpit feel.  Your ears will delight in the Cadillac exclusive AKG Studio 19 speaker audio system with adaptive volume and surround sound.  Active noise cancellation measures road noise and uses the AKG speaker system to actively cancel the road induced noise for an enjoyable ride.  The ambient lighting has a 26 color LED spectrum of choices that allows you to reflect your mood and add warmth or energy to the driving cabin. The Cadillac Lyriq technology is second to none.  The Google built in compatibility gives you access to Google Assistant, Google Maps, and Google Play.  This allows for hands free help form your favorite apps and more.  The Cadillac Lyriq is compatible with both Apple CarPlay and Android Auto and will  project onto the LED display.  When needed, the Cadillac Lyriq is equipped for over the air vehicle software updates.  This will ensure you have the most advanced technology available in your new Cadillac Lyriq. Why Buy A Hybrid Vehicle From Wallace Cadillac In Stuart There are a ton of benefits to owning a plug-in hybrid car or pure electric vehicle. Saving money on gas is what first comes to mind. What about doing your part to help improve the environment? Keeping the Treasure Coast beaches and air clean should be a priority to all of us that live and work here!  Whether you are looking for a used hybrid car for sale or a new Cadillac Lyriq, Wallace Cadillac near Vero Beach is here to help you.  Browse our inventory online then contact Wallace Cadillac near Jupiter to schedule a test drive today!