EV Tax Credits to be few and far between under new IRS rules

Electric Vehicle Tax Credit (Complete Guide - 2023 Update)


New rules proposed Friday by the U.S. Treasury Department just put a crimp in those expecting to get a full $7,500 federal tax credit for buying a new electric vehicle.

As a result, fewer EVs will be eligible and according to the Associated Press, many will get only half of the $7,500 credit. The new rules were required under last year’s Inflation reduction Act.

The AP reported that the Internal Revenue Service listed more than three dozen electric or plug-in hybrid passenger vehicles made in North America that are now eligible.

Click here for Associated Press