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How You Can Benefit from EV Federal Tax Credits

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.
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