Tough New EV Tax for 2023

The tax credit for electric vehicles was renewed in 2022 thanks to the Inflation Reduction Act, a major cost, health, and tax law that includes more than 200 profit tax cuts and incentives. The new EV tax credit of up to $7,500 can be claimed on new vehicles known as “clean cars,” while the lower tax applies to some used EVs.

But the new thing tax credit rules for EVs which went into effect on January 1, is also a mix of battery research and capacity requirements, MSRP price caps, and revenue limits. And there’s a special need from last year—that is, EVs capable of holding the final meeting in North America.

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