I see that there are federal and state tax credit offers to buy an electric vehicle, but this is not money that will just be given to you, correct? You would have to owe $7500 in taxes to benefit from a $7500 tax credit? Or am I wrong?
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It’s a tax credit. It’s like getting a $7500 voucher that you can use to pay your taxes. If you don’t make enough to pay income tax then it’s of no benefit to you.
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