There have recently been some changes to the Electric Vehicles IRS Tax Credit. While future changes are still being discussed, there are some that have already been implemented with the Inflation Reduction Act of 2022. To help our Pennsylvania area drivers better understand the EV tax credit changes, here are a few answers to some of the most frequently asked questions.
What Does the Inflation Reduction Act of 2022 Change for the Electric Vehicles Tax Credit?
The biggest change is the final assembly requirement. This means that any new EV model must have its final assembly in North America to qualify for a tax credit. Most vehicles are manufactured and assembled in multiple different locations all over the world. The final assembly must be done in North America.
When Do the Inflation Reduction Act Changes Take Effect?
As soon as the President signed the Inflation Reduction Act of 2022, the changes began. This was August 16th, 2022. More changes will most likely take place in the future, beginning in 2023.
How Do I Know if the EV I Want to Buy Still Gets a Tax Credit?
The Department of Energy has released a list of electric and plug-in hybrid vehicles that will most likely include a tax credit. We suggest looking for the vehicle you'd like on that list and then reaching out to our Fred Beans team to learn more.
Talk to Our Team to Learn More
If you have questions about the Electric Vehicle Tax Credit, we suggest talking to our Fred Beans team or visiting one of our dealerships in Central, PA, Southeastern, PA, Philly Metro, or the Delaware Valley. We also have many electric vehicles for sale that you'll want to check out.