The new EV federal tax credit of up to $7,500 can be complicated. Here's what you should know. A new federal EV tax credit for 2023 is here, thanks to the Inflation Reduction Act (IRA) — massive tax and climate legislation promoting clean energy. The credit of up to $7,500 for certain electric vehicles, called “clean vehicles,” is supposed to encourage more people to use EVs. However, a year has passed since the IRA was enacted, and there are still many questions about how the EV tax credit work