Electric Vehicle Credit: What's New?

• The IRA's $7,500 tax credit for new electric vehicles, now the "clean vehicle credit," has undergone significant changes.  New restrictions may limit eligibility:

• Income Limits: Starting in 2023, only households with incomes up to $300,000 (or $150,000 for single filers) qualify.

• Price Caps: Only vehicles under $55,000 (or $80,000 for vans, SUVs, and trucks) are eligible.

• Sourcing Requirements: Final assembly must occur in North America, with materials meeting specific sourcing rules.