If you’re thinking about buying an electric vehicle (EV), make sure you qualify for the EV tax credit. The Inflation Reduction Act has changed the rules. For example, qualified vehicles now must be assembled in North America. Starting Jan. 1, 2023, you no longer have to worry about snapping up an EV before its manufacturer reaches a certain sales limit. However, the credit won’t be available to individuals with modified adjusted gross incomes of $150,000 or more ($300,000 or more for married couples). The maximum value of the tax credit is $7,500, but your EV must meet two battery-related criteria to qualify for that amount. More rules explained here. Contact us with any questions and to see if you qualify. © 2022
24
Sep