New Legislation Changes Tax Credits for Electric Vehicles

Within the week President Biden is expected to sign a bill into law known as the Inflation Reduction Act. Once signed, this law will help Americans with healthcare costs, strengthen tax enforcement, and combat climate change. While there is much to be said about the different parts of the bill, I will only focus on the climate aspect of it. Specifically, the changes that are coming to the tax credit system for purchasing electric vehicles. Tax credits have been around for a few years now and has helped lower the cost of electric vehicles for consumers.

There are multiple changes coming to the tax credits with some taking effect immediately and others rolling out over time. I won’t cover all the changes but I recommend taking the time to watch this video from CNET. The host will most definitely explain the changes more effectively than I can in this post.

Want to learn more about electric vehicles? Check out a previous article that I have posted here!