Bollinger Motors receives IRS approval for $40,000 commercial EV federal tax credit

Bollinger Motors receives IRS approval for $40,000 commercial EV federal tax credit

Bollinger Motors, Inc. has announced its approval by the IRS as a “qualified manufacturer” for clean vehicle credits under the Inflation Reduction Act of 2022 (the “IRA”).

This designation allows the Bollinger B4 chassis cab to qualify for the IRA’s new credit for qualified commercial clean vehicles, offering eligible purchasers a tax credit of up to $40,000 per vehicle under Section 45W of the Internal Revenue Code (IRC).

The credit is calculated as the lesser of 15% of the purchaser’s basis in the vehicle (30% if the vehicle is not powered by gas or diesel) or the incremental cost of the vehicle versus a comparable vehicle with a gas or diesel engine.

The Bollinger B4, has a Gross Vehicle Weight Rating (GVWR) of 15,500 pounds. The company has recently announced partnerships with Our Next Energy in Novi, Michigan, to supply batteries, and with Roush Industries in Livonia, Michigan, to assemble Bollinger B4 trucks. Deliveries of the Bollinger B4 chassis cab are anticipated to begin in the second half of 2024.

  Source 

The post Bollinger Motors receives IRS approval for $40,000 commercial EV federal tax credit first appeared on EV Tech Insider.