As electric vehicles become more common, lawmakers want to bolster production in the U.S. by offering tax credits to people who buy electric and plug-in hybrid vehicles. With the rise in gas prices earlier this year, more people are considering buying electric vehicles. The tax credit, which ranges from $2,500 to $7,500, makes buying electric even more appealing. However, there are some limitations to the Plug-In Electric Drive Vehicle Credit detailed in the recently enacted Inflation Reduction Act.
The credit is only available to:
Individuals earning less than $150,000 per year
Married couples earning less than $300,000 per year
Another factor to consider is vehicle caps. There is a 200,000-vehicle cap on the credit and some manufacturers have already reached the threshold. As of this writing, various Chevrolet Bolts, GMC Hummers, and Tesla models have reached the cap for 2022. So, although those models were eligible, the credit won’t apply.
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