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Tuesday, August 16, 2022

Here’s why most EVs won’t qualify for new EV credit

The Inflation Reduction Act now approaching final approval in Congress includes a well-intended tax credit of up to $7,500 if you purchase an electric vehicle.

The goal, of course, is to make it more affordable for people to switch to environmentally friendly vehicles as part of efforts to battle climate change.

But, Washington being Washington, lawmakers wrote the law in such a way that most EV buyers won’t qualify for the assistance.