IRS Issues Confusing Guidance on Revamped EV Credit
Posted By:
Scott Shimick
The Inflation Reduction Act of 2022, P.L. 117-169, revised the credit for electric vehicles (EVs). For vehicles purchased in 2023 through 2032, a credit of up to $7,500 is available to buyers of new qualified plug-in EVs or fuel cell electric vehicles. For many car buyers, this credit will be vital in making the decision to purchase an EV.First, to qualify for the credit, a married, filing jointly, taxpayer must have no more than $300,000 in modified gross income (either for the year of delivery [...]
