The Inflation Reduction Act signed by President Joe Biden on August 16th, 2022, extends the existing $7,500 tax credit for some qualifying EV purchases. The
Inflation Reduction Act also starts a new $4,000 tax credit on second owner used vehicle purchases starting on Jan 1st, 2023. Currently there is a confusing window between August 16th, 2022 and Jan 1st, 2023 as to what qualifies for the tax credit and what does not. We plan to update this page as we gather further understanding as to how the EV tax credit will be implemented.
We believe one of the more concise explanations can be found by watching EV Buyers Guide YouTube explanation video titled “Everything You Need To Know About The EV Tax Credit Changes In 2022, 2023, and 2024!”
The Department of Energy’s Alternative Fuels Data Center is a great resource for information on the EV tax credit.
https://afdc.energy.gov/laws/409
They also provide a breakdown of which EVs qualify as being assembled in North America.
https://afdc.energy.gov/laws/electric-vehicles-for-tax-credit