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

Thanks to the Inflation Control Act, the federal tax credit for electric vehicles has changed. The $7,500 deduction from the cost of new vehicles can still be claimed, but the eligibility criteria have undergone an overhaul. There are a lot of changes, some good and some bad, but the main thing buyers need to know is that the list of eligible cars is now much smaller than it used to be.

We heard that the electric vehicle tax credit would change a few weeks ago, as part of the Inflation Cuts Act, which President Joe Biden just signed into law on August 16. While it was originally stated that changes to credit would not occur until January 1, 2023, some of them It has already entered into force (Opens in a new tab).

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