New $7,500 Electric Vehicle Tax Credit Available

Those looking to purchase an electric vehicle could be eligible for a $7,500 tax credit from the federal government, but because of language in the recently signed Inflation Reduction Act, only certain vehicles qualify.

Additionally, starting next year, the credit will only be available to individuals earning less than $150,000 per year, or married couples earning less than $300,000, and will only be offered on electric cars costing less than $55,000 and electric trucks and SUVs costing less than $80,000.

Learn more and view the list on CPA Practice Advisor.

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