The IRS recommends that consumers planning to purchase an electric vehicle understand several recent changes to the Clean Vehicle Credit for qualified electric vehicles, such as The Inflation Reduction Act (IRA). In 2022, the IRS made several changes to the new Clean Vehicle Credit for qualified plug-in electric drive moto vehicles, including adding fuel cell vehicles.
The IRS warns consumers to make sure the vehicle was made by a qualified manufacturer, that they meet other requirements such as the modified adjusted gross income limits, and if the make and model are eligible for the Clean Vehicle Credit.
For more information on these credits and other clean energy credits related to the Inflation Reduction Act, check Credits and Deductions Under the Inflation Reduction Act of 2022.
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