President Biden Announces Tax Credit for Electric Vehicles Purchases

President Biden Announces Tax Credit for Electric Vehicles Purchases

In a tweet today, President Biden announced the Inflation Reduction Act, which includes a tax credit for purchasing electric vehicles.

Under this act, individuals who purchase a new qualified plug-in electric vehicle (EV) or fuel cell vehicle (FCV) on or after January 1, 2023, and meet certain income limitations may be eligible for a clean vehicle tax credit of up to $7,500 under Internal Revenue Code Section 30D.

Thanks to the Inflation Reduction Act, folks who purchase electric vehicles can receive a tax credit of up to $7,500 per vehicle, allowing millions of consumers to ditch the pump and easily switch to an EV.

President Biden

Qualified manufacturers have indicated that certain vehicles are eligible for the credit, provided they meet other requirements.

Credit eligibility is determined under different criteria for vehicles purchased in 2022 or earlier.

Vehicles must have undergone final assembly in North America and must not exceed certain manufacturer-suggested retail prices.

In addition, consumers can use the Department of Energy’s VIN Decoder tool to check if a specific vehicle is eligible.

Complete detailed information can be found here.

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