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New Rules for the EV Tax Credit Under the Inflation Reduction Act

08 Mar 2023 | Abstracted from National Law Review

"As amended by the IRA, for vehicles placed in service after December 31, 2022 and before January 1, 20333, the amount of the EV Credit for a qualifying electric vehicle (EV) is up to $7,500, subject to a requirement that the EV undergoes 'final assembly' in North America (i.e. the United States, Canada, or Mexico).

"On top of these manufacturing restrictions, the IRA included additional eligibility qualifications on the individual taxpayer."

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