The proposed Inflation Reduction Act of 2022 includes $369 billion for climate and energy programs. It also includes up to $7,500 in federal tax credits for EV buyers on North American-built vehicles. Those buying used vehicles, which make up 70% of cars purchased, could be eligible for a credit of up to $4,000.
Switching to an electric vehicle is a crucial part of climate action, but many EV’s are just too expensive for many American families. Tax credits could help alleviate the hefty cost.
In the proposed bill, these tax credits can be applied as a rebate at the time of purchase, making the up-front costs of EVs' a lot more affordable. There are also new income qualifications proposed in the bill that would ensure that the credits go to those who need them most, and not wealthy EV buyers.
It’s good for your wallet, and good for the planet.
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