US Electric Vehicle Tax Credits Get Tougher to Navigate

Claiming a tax credit for your electric vehicle may soon get more complicated.
The Treasury Department and the Internal Revenue Service (IRS) issued the proposed guidance on March 31. It’s a result of provisions in last year’s Schumer-Manchin bill, which some call the “Inflation Reduction Act” (IRA).
The original electric vehicle tax credit, which ranged from $2,500 to $7,500, took effect for cars in 2009, with $7,500 in 2009 being equivalent to $10,230.75 as of 2022.
“Treasury is taking an important step that will help consumers save up to $7,500 on a new clean vehicle and hundreds of dollars per year on gas,” Treasury Secretary Janet Yellen said in an announcement on the guidelines….}