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
The Inflation Reduction Act’s focus on stimulating domestic production of electric vehicles means the marketplace for electric vehicles will see a dramatic change. The shortage of charging infrastructure is a substantial barrier in the push for mass consumer adoption of EVs.
The Inflation Reduction Act of 2022 (“IRA”) signifies a turning point in domestic efforts to tackle climate change. Within the multibillion-dollar package are robust investments in.