EXPLAINER: 2023 tax credits for EVs will boost their appeal

Electric Vehicle Parking

The Associated Press

WASHINGTON (AP) – Starting Jan. 1, many Americans will qualify for a tax credit of up to $7,500 for buying an electric vehicle.

The credit, part of changes enacted in the Inflation Reduction Act, is designed to spur EV sales and reduce greenhouse emissions.

But a complex web of requirements is casting doubt on whether anyone will be able to receive the full $7,500 credit next year.

For at least the first two months of 2023, though, a delay in the Treasury Department’s rules for the new credits will likely make the full credit temporarily available to consumers who meet income and price limits.

The new law also provides a smaller tax credit for people who buy a used EV.

Read the full story on AP News right here.

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12/26/2022 6:03:40 PM (GMT -6:00)

Categories: Regional and US News