Want to know if the car you’re shopping for can net you a $7,500 tax credit? This list will tell you.
The government and climate advocates want more electrified vehicles on the road, and they want them on the road yesterday. The problem is, it’s not easy to get the populace to up and ditch their reliable but gasoline gulping cars and make the switch to EVs or hybrids. There are many obstacles in the way of the transition, but arguably the two biggest are availability and affordability. To address availability, some local state governments like California for example will ban the sale of new gasoline powered cars by 2035. Other states are following suit including New York, but it’s suspected that eventually a federal mandate will come.
For affordability, the government is trying tax credits. If you’ve been watching the news at all for the last six months, then you’ve probably heard about President Biden’s Inflation Reduction Act (IRA). There are tons of components of the IRA, including providing funding to the USPS to buy more electric delivery trucks, but it also expands tax credits for consumers who purchase electrified vehicles.
Not every EV or hybrid makes the cut under the new criteria, and there are limits based on MSRP. Fortunately, we have a handy list right here that details all the cars that are currently eligible!
