The U.S. offers up to $7,500 in tax credits for buying new electric or fuel cell vehicles, with income limits and usage rules applying, and the program runs until August 31, 2024, before new rules take effect.
Up to $7,500 Tax Credit for New EVs – Eligibility and Income Limits Explained
According to Marca, if you buy a new electric or fuel cell vehicle (EV or FCV), you could get up to $7,500 back in tax credits. This incentive is part of a program that encourages green car choices and will be available until August 31, 2024. The program, updated by the Inflation Reduction Act of 2022, aims to make eco-friendly cars more affordable for everyone.
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Up to $7,500 Tax Credit: A Guide to the US Government’s Electric Vehicle Rebate Program (2022-2024) (PHOTO: NPR)
Maximize Your EV Tax Credit – Key Details and Upcoming Changes for 2024
The credit can only reduce your tax bill to zero; you can’t get more back than what you owe. Any unused credit cannot be applied to future tax years. New rules for the program will start on September 1, 2024, so it’s good to check for updates.
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