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How You Can Benefit from EV Federal Tax Credits
Written by Saltanat Berdikeeva
Edited by Hannah Hillson
Last updated 02/10/2023
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Key Points
- The Inflation Reduction Act (IRA) of 2022 is landmark legislation that expands clean energy incentives, including tax credits for electric vehicles (EVs)
- The tax credits aim to lower EV buyers’ taxes in a given year and incentivize more people to purchase EVs.
- Not all EVs qualify for the Clean Vehicle Credit, effective January 1, 2023. The new rules narrow down many EVs eligible for the Clean Vehicle Credit.