Until when can you claim the $7,500 stimulus check? (+Eligibility)

In the United States (US), the opportunity to apply for a large stimulus check remains active, as long as the requirements are met, you know what it is regarding and until when you can claim it.

Although there has been a reduction in the number of stimulus checks that have been delivered in the US since the pandemic, there are still some active ones.

Several states continue to provide direct payments to help residents cope with current economic challenges, including high inflation.

These payments not only offer financial relief, but also encourage sustainable energy practices among citizens, as is the case with the stimulus check referenced in this article.

This is a payment being made to eligible individuals who have purchased electric vehicles or installed clean energy solutions in their homes.

These buyers are given a boost because the US is interested in keeping carbon emissions from fossil fuels as low as possible.

Read also: USA | How to calculate income to get the $12,000 stimulus check?

Who can receive the stimulus check?

The Internal Revenue Service (IRS) establishes that anyone who:

• Purchase a new plug-in electric vehicle or a qualified fuel cell electric vehicle (FCV).

Credit is available to individuals, but also to their companies.

The Inflation Reduction Act of 2022 changed the rules for this credit for vehicles purchased between 2023 and 2032.

The alternative fuel vehicle rebate program will be extended through August 31, 2024.

However, please note that it will be renewed according to the new program guidelines starting September 1st.

Requirements and tickets to qualify

• Purchase the vehicle for the purchaser’s personal use, as it cannot be resold.
• Use the vehicle primarily in the USA.

Modified adjusted gross income (AGI) cannot exceed:

• $300,000 for married couples filing jointly or one surviving spouse.
• $22,000 for heads of household.
• $150,000 for all other filers

For this calculation, you can use your modified adjusted gross income from the year you receive the vehicle or the previous year, whichever is less.

If your modified adjusted gross income is below the threshold in 1 of the 2 years, you can claim the credit.

Please note that you will not be able to apply any excess credit to future tax years.

With information from US Brand

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