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EV Tax Credit: How To Claim the Electric Vehicle Federal Tax Benefits
Written by Saltanat Berdikeeva
Edited by Jamie Cesanek
Last updated 11/28/2023
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Key Points
- The Inflation Reduction Act (IRA) of 2022 is landmark legislation that expanded clean energy incentives, including tax credits for electric vehicles (EVs).
- The tax credits aim to lower EV buyers’ taxes in a given year and incentivize more people to purchase EVs.
- Under the updated government guidelines, the credit amount you can get will depend on when the EV comes into service and several other factors.