EV tax credit

Hi, Susanrich306,

Not at all!  Here is the updated info from the IRS website.  One great thing about the Inflation Reduction Act is the 200K vehicle cap for manufacturers phase out is eliminated.  It does add the requirement that final assembly occur in North America, though.

Here is an excerpt from the aforementioned IRS website.

New Final Assembly Requirement

If you are interested in claiming the tax credit available under section 30D (EV credit) for purchasing a new electric vehicle after August 16, 2022 (which is the date that the Inflation Reduction Act of 2022 was enacted), a tax credit is generally available only for qualifying electric vehicles for which final assembly occurred in North America (final assembly requirement).

The Department of Energy has provided a list of Model Year 2022 and early Model Year 2023 electric vehicles that may meet the final assembly requirement. Because some models are built in multiple locations, there may be vehicles on the Department of Energy list that do not meet the final assembly requirement in all circumstances.

To identify the manufacture location for a specific vehicle, please search the vehicle identification number (VIN) of the vehicle on the VIN Decoder website for the National Highway Traffic Safety Administration (NHTSA). The website, including instructions, can be found at VIN Decoder.

Please cheer below if this is helpful.

Best,

Karen