Page 18 THE EVERETT ADVOCATE – FRiDAy, JAnuARy 26, 2024 BEACON | FROM PAGE 17 prostitution and statutes prohibiting sex with aniNew Clean Vehicle Tax Credit T he Federal government provides for a tax credit up to $7,500 for new electric vehicle (EV) purchases and up to $4,000 for used EV purchases. In order to qualify to the tax credit, you must meet the MSRP (manufacturer’s suggested retail price). The MSRP is reflected on the sticker and includes options, accessories, etc. It does not include destination fees and taxes. For most cars, the MSRP cannot exceed $55,000. For sports utility vehicles, vans and light trucks, the MSRP limit is $80,000. You also have to meet the modified adjusted gross income (MAGI) test. For a married filing joint return taxpayer, the MAGI must be less than or equal to $300,000 for either calendar year 2023 or 2022. For a head of household taxpayer, the MAGI must be less than or equal to $225,000. For a single taxpayer, the MAGI must be less than $150,000. As an example, if Vinny and Alice purchased an EV in 2023 with MAGI of $750,000 in 2023 and MAGI of $250,000 in 2022, assuming the MSRP of the new vehicle does not exceed $55,000, they would still qualify for the $7,500 tax credit. If Charlie, a single taxpayer, purchased an EV in 2023 with MAGI of $150,001 in 2023 and $175,000 in 2022, he would not qualify for the tax credit. He would be over the limit in both calendar years. Vehicle manufacturers are required to report the EV information to the IRS as well as the purchaser of the vehicle. The manufacturer must provide this information to the purchaser at the time of sale and must also inform the purchaser as to what the maximum tax credit available is. IRS Form 15400, Clean Vehicle Seller Report is used by dealers to report this information for both new clean vehicles and used clean vehicles. Starting on January 1, 2024, taxpayers can now opt to claim the tax credit as a reduction to the purchase price as opposed to claiming a tax credit on his or her individual income tax return. Even if you report no income tax on your total tax line of your tax return, the IRS will still refund you the $7,500. To claim the tax credit, you must include Form 8936 with your tax return. You should check with the dealership as to whether or not the EV you are purchasing is eligible for the tax credit, and in what amount. There are requirements as to final assembly being in the U.S or Canada, a certain percentage of battery components being produced in the U.S. or with countries with a free trade agreement with the U.S., etc. The requirements have changed for 2024 purchases. Joseph D. Cataldo is an estate planning/elder law attorney, Certified Public Accountant, Certified Financial Planner, AICPA Personal Financial Specialist and holds a masters degree in taxation. mals. “This bill sends a message that Massachusetts is a place that cares about the freedom of individuals,” said Senate sponsor Sen. Will Brownsberger (D-Belmont). “I look forward to working with my House colleagues to get this on the governor’s desk.” “Repealing homophobic and transphobic language in state law helps to build a safer and more inclusive commonwealth,” said Sen. Julian Cyr (D-Truro). “In Massachusetts, we take pride in being a welcoming state, and our laws must reflect our values. The archaic and discriminatory language found in … the General Laws dates back to 1887 and historically was deployed to criminalize LGBTQ+ people. By removing harmful, homophobic and transphobic language from our statutes, we ensure the letter of the law promotes equity and justice for all.” “I filed this legislation with Rep. Lindsay Sabadosa to modernize the commonwealth’s statutes to better codify the social progress that has been made and have our laws reflect our values,” said Rep. Jay Livingstone (D-Boston) who along with Sabadosa filed an earlier version of the bill in the House. “The law revision commission is particularly important to ensure that Massachusetts statutes do not have discriminatory laws that infringe on … civil liberties. Given the current political climate around the country, we can no longer assume that some archaic laws are not enforceable.” (A “Yes” vote is for the bill.) Sen. Sal DiDomenico Yes ALSO UP ON BEACON HILL For Advertising with Results, call The Advocate Newspapers at 617-387-2200 or Info@advocatenews.net REAL ESTATE APPRAISERS (S 2550) – The Senate approved and sent to the House legislation that would require that all real estate appraisals in the Bay State be conducted by certified or licensed appraisers who are subject to regulatory oversight. Supporters said that under current law, anyone— without having to meet any standards of education or experience—can perform valuations for proceedings including estate settlements, divorces, business dissolutions and litigation. An unlicensed and uncertified person may prepare unsupportable valuations that expose consumers to considerable risk, and they are not subject to any regulatory oversight or accountability. “People are surprised to learn that under current Massachusetts law, anyone can conduct a real estate appraisal, even if they don’t have the appropriate education and experience,” said sponsor Sen. Cindy Creem (D-Newton). “By mandating that real estate appraisals be conducted by certified and licensed professionals, we are protecting Massachusetts consumers from sham or inaccurate appraisals that can have serious financial consequences.” PET CEMETERIES (H 4206) – The Agriculture Committee held a hearing on legislation that would require the owner of any property used or to be used for a pet cemetery to file in the Registry of Deeds a dedication restricting the property to be used only for the operation of a pet cemetery. Supporters said the bill would preserve existing pet cemeteries by preventing the construction and development on the property that is or holds out to be a pet cemetery. “Our pets hold a special place in our hearts, and the places where they are laid to rest deserve the same level of reverence and protection as any other memorial site,” said sponsor Rep. Rodney Elliott (D-Lowell). “This legislation ensures that pet cemeteries are upheld with the dignity and respect they deserve.” ADOPT A SHELTER DOG MONTH (H 2984) – The House gave initial approval to a bill designating October as Adopt a Shelter Dog Month, to increase public awareness and encourage the adoption of shelter and rescue dogs in Massachusetts. “Last year alone, over 22,000 pets entered Massachusetts animal shelters in need of a home,” said sponsor Rep. Bruce Ayers (D-Quincy). “By establishing October as Adopt a Shelter Dog Month annually, this bill will create greater public awareness of the need for pet adoption and will encourage people to give these dogs a forever home in a safe and loving environment.” SIKH APPRECIATION MONTH (H 3026) - The House gave initial approval to legislation designating the month of April as Sikh Appreciation Month in recognition of the significant contributions Sikhs have made to the state and to the nation. “Both Rep. Barber and I represent vibrant Sikh communities and seek to honor their values and contributions to our cities,” said Rep. Patricia Duffy (D-Holyoke), who sponsored the bill along with Rep. Christine Barber (D-Somerville). We … will continue to advocate for this legislation’s passage.” DON’T MISS THIS “BUILDING A BRIGHTER FUTURE” EVENT ON WEDNESDAY, JANUARY 31: – Join Amplify Latinx in partnership with Salem State University, MassBudget, the Boston Foundation and the State House News Service for an insightful and empowering event, “The Massachusetts Latino Electoral Project and Economic Empowerment Summit.” This gathering is dedicated to advancing the Massachusetts Latino community’s political engagement and economic prosperity. Details and sign up: https://massterlist.com/ building-a-brighter-future/ QUOTABLE QUOTES “We set high goals for our first year in office. I stood here a year ago and made promises. And because we came together, and we acted with urgency, we delivered results. We met every one of our goals. Today, Massachusetts is more affordable, more competitive and more equitable than it was a year ago. And the state of our commonwealth, like the spirit of our people, is stronger than ever.” ---Gov. Maura Healey from her State of the State” address last week. “Gov. Healey also needs to address the elephant in the room, which is the immigration crisis precipitated by our open southern border, as well as the budget and housing crises that have accompanied it. Massachusetts desperately needs our governor to confront the Biden-Harris administration for failing to secure our southern border.” --Paul Craney, a spokesman for the Massachusetts Fiscal Alliance. “No we’re not going to raise taxes, we just lowered taxes. We’re not schizophrenic. We’ve chosen the course of action and we BEACON | SEE PAGE 23
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