EV tax credit changes take effect for 2024

Tax credits for consumers who purchase EVs were extended and expanded in 2022’s Inflation Reduction Act. But that law also included stipulations that are now taking effect, making , which can be up to $7,500. Sam Abuelsamid, an analyst with Guidehouse Insights, told The Hill that the ‘s credit will be cut in half, while Ford’s which was previously eligible for the $3,750 credit, will be fully disqualified.

Some could also temporarily lose eligibility, he said. This is because of stipulations that prevent crediting vehicles ” — such as companies tied to the governments of China, Iran, North Korea or Russia. On the other hand, consumers will now be able to get their tax credit , instead of claiming it the next year on their taxes.

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