Electric Vehicle Credits
As discussed in our post on August 17, 2022, the Inflation Reduction Act, which was enacted on August 16, 2022, extended the credit for the purchase of plug-in electric vehicles so that it now expires after 2032. It also removes the limit on the credit that prohibited buyers from taking the credit once a manufacturer had produced a certain number of vehicles, but this phaseout, applicable to vehicles sold by Tesla and General Motors, still applies for vehicles purchased between August and December of 2022.
Beginning in 2023, this phaseout will be removed, but new restrictions will apply when determining the eligibility.
We will discuss provisions from the Inflation Reduction Act and provide practical details and in-depth guidance in our upcoming seminars in December and January. If you are not already registered, register here.