IRS Limits Electric Vehicle Tax Credit Eligibility (.PDF Download)

April 12, 2023
Starting this month, the EV tax credit will be limited by the vehicle’s ability to meet critical mineral and battery component requirements.

Up until recently, one of the biggest perks of buying and driving an electric vehicle (EV) was the tax credit that came along with it. Depending on the specific vehicle’s battery capacity, owners were eligible for a tax credit worth anywhere from $2,500 to $7,500. But while there were some basic parameters that had to be met in order to claim the credit, those rules are about to get way more stringent.

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