The federal tax credits for electric vehicles (EVs) under the Inflation Reduction Act (IRA) are available through December 2032. This means that qualifying new EV purchases can receive these credits for nearly a decade, through the end of 2032.
Key details about the duration and conditions include:
- The tax credit applies in the year you take delivery of a qualifying vehicle.
- The credit for new EVs can be up to $7,500.
- Partial credits are tied to battery sourcing and assembly requirements that become more stringent over time through 2032.
- There is also a separate credit for certain used EVs up to $4,000, which can be claimed once every three years by the buyer.
- Income limits and vehicle eligibility rules apply each year for the credit to be claimed.
In summary, the typical duration of the federal EV tax credit program as established by the IRA is from 2023 through December 31, 2032. Eligible taxpayers can claim the credits within that period for vehicles placed in service in the applicable tax year.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/how-long-do-the-federal-tax-credits-for-electric-vehicles-typically-last/
