The newly signed Inflation Reduction Act will have big implications for electric vehicle buyers.
Some popular electric vehicles may become eligible for a tax credit once again, while other cars that were eligible this month will not be for the foreseeable future. Here's what you need to know as a consumer.The old credit offered $7,500 for new electric vehicle buyers until their automaker hit a 200,000 limit for available tax credits. Plug-in hybrid buyers received a smaller credit.
Under the new credit system, the MSRP of a pickup or SUV must not be over $80,000, and other vehicles like sedans must not surpass $55,000. A buyer's income must not exceed $150,000 if single, $225,000 if the head of a household, or $300,000 if married. Popular electric models like the Hyundai Ioniq 5 and Kia EV6 will lose their eligibility under the new rules unless manufacturers make changes like where the vehicles are assembled.
Nissan confirmed to CNN Business that the Leaf will remain eligible for the full credit through the end of 2022. Volvo expects the S60 Recharge to continue to qualify to year's end given guidance from the Department of Energy.
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