Everything you need to know about the new EV tax credit — and how to get it

Thanks to the Inflation Reduction Act, the federal EV tax credit has changed. It’s still possible to claim $7,500 off the cost of new plug-in vehicles, but the eligibility criteria has had a complete overhaul. There are a lot of changes, some good and some bad, but the key thing buyers need to know is that the list of eligible cars is now a lot smaller than it used to be.

We heard that the EV tax credit would be changing a few weeks back, as part of the Inflation Reduction Act, which President Joe Biden just signed into law on August 16. While it was originally reported that changes to the credit wouldn’t happen until January 1 2023, some of them have already gone into effect (opens in new tab).

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