Your new electric car may land you a $7,500 tax credit now that the Inflation Reduction Act has been signed into law by President Biden. Here are a few conditions you need to meet.
Your new electric car may land you a $7,500 tax credit now that the Inflation Reduction Act — designed to fight climate change and inflation — has been signed into law by President Biden.
“The big change for new electric vehicles in the Inflation Reduction Act: Final assembly must take place in North America.” Another challenge for consumers: Electric vehicles don’t come cheap. Buying a car is a big decision, especially when inflation is running at a four-decade high and interest rates are rising.
Earn above the income limits and the tax credit eligibility vanishes, said Alan Wink, managing director, capital markets, at EisnerAmper, a tax accounting and advisory firm. Electrek, an online news site for electric vehicles and sustainable energy, gives a list of electric vehicles made by Ford F, -1.67%, Audi , Mercedes MBG, -3.73%, General Motors GM, +2.53%, among others, that are assembled in North America that are eligible for the tax credit.
It includes the 2022 Ford F, -1.67% Escape PHEV, with an MSRP starting at $35,455, and the Nissan Leaf with an MSRP beginning at $27,400. Tesla TSLA, -2.05% models and Chevy GM, +2.53% Bolts already have met manufacturer sales caps, the list says. — John Bozzella, president and CEO of the Alliance of Automotive Innovation Currently,, 70% of electric vehicles currently available for purchase wouldn’t be able to access the credit, John Bozzella, president and CEO of the Alliance of Automotive Innovation, said earlier this month. It could drop even lower when extra North America sourcing requirements kick in on battery ingredients, said Bozzella, who leads a trade group with major carmakers as members.
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