Partner Levi McAllister is quoted in an Insider article about changes to electric vehicle tax credits set forth in the Inflation Reduction Act. The changes are expected to reduce the number of electric vehicles eligible for a full $7,500 tax credit. However, the exact effect will not be known until April 18 when the US Internal Revenue Service releases its list of eligible models.
"We are now in a situation where a vehicle that qualifies for the credit on April 16 may not qualify on April 18," Levi said. "If you're in the market today, you want to purchase before April 17 or you want to make sure that what you're purchasing actually is going to qualify based on whatever list does ultimately come out.”