Released: December 29, 2022

Big e-vehicle tax credit possible early next year

Source: Hope Yen & Tom Krisher, AP News

People who want to buy an electric vehicle could get a bigger-than-expected tax credit come Jan. 1 because of a delay by the Treasury Department in drawing up rules for the tax breaks.

As a result, it appears that buyers of EVs assembled in North America with batteries made in the U.S., Canada or Mexico will be eligible for a full $7,500 tax credit under the Inflation Reduction Act.

Other requirements, like new caps on a buyer’s income ($150,000 or less if single), and price of the EV, will still take effect Jan. 1.

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