Electric Vehicle Tax Credit: Who Will Qualify in 2023?
Americans looking to purchase an electric vehicle (EV) could qualify for a tax credit of up to $7,500 in 2023 as part of the Biden administration’s push to ensure that half of all new vehicles sold in 2030 are electric or plug-in electric hybrids.
The tax credits were created as part of President Joe Biden’s Inflation Reduction Act, signed into law in August. The White House says EVs, which cost significantly more than traditional combustion engine vehicles, are better for the climate.
However, who exactly is entitled to receive the $7,500 in tax credit is rather complicated and depends on an array of factors, such as where the vehicles and the batteries used to power them are made, and the income of the buyers….