Here’s More Info on Incentives in the Inflation Reduction Act

John Horst of the National Renewable Energy Lab read last week’s blog post about the Inflation Reduction Act’s impact on the building sector and provided some valuable additional information.

For starters, he made me aware of the White House website, which has a listing of tax credits and grants under the IRA which pertain specifically to each state. Click here to view the IRA tax credits and grants that apply to Colorado. It’s a two-page PDF with paragraphs about those financial incentives plus job creation, manufacturing, cleaner air, rural opportunities and “resilient communities.”

One new incentive that hasn’t gotten a lot of coverage is the $4,000 upfront discount on the purchase of used electric cars and trucks. In the past, there was no incentive for purchasing a used EV, and the $7,500 incentive for a new EV came only as a tax credit on the following year’s tax return.

Making both incentives an “upfront discount” will make both incentives much more attractive and useful to car buyers and will accelerate the adoption of electric vehicles.

John also provided a link to a list of 59 state and federal tax credits (both personal and corporate), loan programs, grant programs, rebate programs, sales tax incentives, regulatory policies, energy standards and more — each with its own link for further information. (The above link gives the information for Zip Code 80401, but you can select a different ZIP Code anywhere in the country on that website.)

Author: Golden Real Estate, Inc.

Golden Real Estate is a prominent member of the Denver/Jefferson County real estate scene. Based in Golden, we service both Denver and Jeffco, representing both buyers and sellers. We're well known for Broker Jim Smith's weekly "Real Estate Today" column published in the Denver and Jeffco editions of the Denver Post's YourHub section each Thursday. The column also appears in several weekly newspapers and is archived at www.JimSmithColumns.com. We have nine agents, all of whom are Realtors and EcoBrokers. Our office is Net Zero Energy since December 2017, and several of us drive electrics cars. Known for our sustainable practices, we accept polystyrene (aka "Styrofoam") for recycling, keeping 200 cubic yards per year out of area landfills.

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