While the maximum tax credit for purchasing a new EV remains at $7,500 under the new law, the rules for qualifying for the credit have changed. While some changes go into effect now, most won’t kick in until January 1, 2023. Here’s how to get the biggest tax break for the purchase of a new EV.
Purchases This Year
If your income (AGI) exceeds $300,000 if married, or $150,000 if single, you must act this year (2022) to receive the credit, since these income limits begin in 2023. To qualify for the maximum credit of up to $7,500 in 2022, the EV must pass two tests. First, the final assembly of the EV must take...
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