The credit for a vehicle weighing less than 14,000 pounds is the lesser of 15% of the basis of the vehicle (or 30% if not powered by gas or diesel) or the incremental cost of the vehicle. The IRS says that for vehicles placed in service in 2024, the incremental cost can be treated as $7,500, allowing this amount to be the top credit. #IdeaoftheDay
Barbara Weltman
Big Ideas for Small Business, Inc.
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