When leasing an electric vehicle, the federal tax credit is not directly available to you as the lessee. Instead, the tax credit belongs to the lessor or the financing company leasing the vehicle. However, some manufacturers and dealers may pass on the savings to you in the form of a rebate or reduced lease payments, which could include the full amount of the tax credit up to $7,500. This arrangement is often referred to as the “EV lease loophole” because leased vehicles are treated as commercial vehicles under the Inflation Reduction Act, potentially making them eligible for the full credit without some of the stricter requirements applied to purchased vehicles. To benefit from this, you would need to confirm with the dealer or manufacturer if they are passing the tax savings on to consumers through leases.
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