Changes in Store for the $7,500 Electric Vehicle Tax Credit (.PDF Download)

Aug. 17, 2022
With the passage of the Inflation Reduction Act comes new rules that determine which EVs are and aren’t qualified for the EV tax credit originally put in place in 2010.

Back in 2010, the federal government rolled out a program offering $7,500 in tax credits to purchasers of electric vehicles (EVs). The program was put in place to incentivize people to buy more fuel-efficient vehicles. The idea was that the credit would effectively reduce the cost of an EV to the point where its price was on par with that of an internal combustion vehicle.

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