Electric Vehicle Tax Credits: What You Need to Know

One of the main talking points of the Inflation Reduction Act is its impact on incentivizing people to buy an electric vehicle (EV).

This $369 billion bill, signed into law on Aug. 16, 2022, by President Biden, features a number of federal provisions aimed at tackling climate change, keeping EVs affordable, and boosting American industry.

Nevertheless, some of the provisions, however well intended, may have unintended results, with some industry commentators concerned that no current vehicles will qualify for the revised EV tax credit due to its strict price limits and the made-in-America requirements that go into effect in January 2023.

You can read more about the Electric Vehicle Tax Credit changes in this article.