The new EV tax credits explained – FOX 5 San Diego

(iSeeCars) – Most consumers know there are various electric vehicle tax credits available if they buy a new electric vehicle. The original credit, officially known as the “Qualified Plug-in Electric Drive Motor Vehicle Credit”, was instituted over a decade ago. It created a tax credit amount between $2,500 and $7,500 based on a specific qualifying vehicle’s battery capacity. There was also a 200,000-unit limit to how many zero-emissions electric cars a single manufacturer could sell before the credit would phase out and eventually be eliminated. Two automakers, General Motors and Tesla, had already hit this limit in recent years, with a few more getting very close in 2022

But the passage of the Inflation Reduction Act of 2022 has altered the existing rules for the federal tax credit, removing the 200,000 limit, extending the up-to-$7,500 credit through 2032…but also adding a new set of eligibility requirements based on the final assembly location of the vehicle and its battery…

Read Full Story: https://fox5sandiego.com/automotive/the-new-ev-tax-credits-explained/

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