Chicago Auto Trade Association - EV Tax Credits Explained

EV Tax Credits Explained

Friday, April 28, 2023 9:00 AM | Anonymous member (Administrator)

The NADA helps break down the complexities and nuances of the clean vehicle tax credits included in the Inflation Reduction Act (IRA). The following key areas are covered:

The three provisions in the IRA, including:
1. 0D: gives buyers up to $7,500 in tax credits for purchasing a new clean vehicle based on requirements (outlined further below);
2. 45W: gives commercial buyers for light vehicles up to $7,500 in tax credits for acquiring a new or used clean vehicle with fewer requirements than 30D; and
3. 25E: gives tax credits to buyers of used clean vehicles based on requirements.
The reasons dealers are essential to mass-market EV adoption.
Who exactly qualifies for the new retail clean vehicle tax credit.
The three requirements dealers must meet.
Recommendations moving forward to make these credits more accessible for consumers.
Read the full article here. For a list of vehicles that currently qualify for IRS EV Tax Credits, click here.

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