Inflation reduction, tax bill, healthcare plan, climate action, etc. Whatever you call it, the Inflation Reduction Act is signed into law, and much of it comes into effect immediately. About 70% of the 72 previously eligible models are no longer covered by the tax credit. The Biden administration issued a list of about twenty 2022 and 2023 models that are still covered.
The other 30%:
Electric vehicles eligible for Clean Vehicle Credit
Electric vehicles eligible for Clean Vehicle Credit as of January 1st
2023. OEMs who have reached the 200k EV limit will be eligible again at the beginning of next year. New guidelines on battery material sourcing, pricing, and income caps will also begin in 2023.
2024. Buyers can transfer their tax credit to the dealer at the time of the purchase to lower the sale price of new EVs beginning in 2024.
Loophole. The tax credit will still be available to buyers who placed a non-refundable deposit of 5% on an EV before the new law came into effect, regardless of the manufacturing country.