The U.S. government has begun issuing guidance regarding the Clean Vehicle Credit in the new Inflation Reduction Act (IRA). The IRA introduced a $4,000 tax credit for the purchase of used EVs and updated the $7,500 credit for new ones, with major changes. To qualify for the credit, there are now new requirements, including caps on the price of new vehicles, as well as buyer income limitations. Beginning in 2023, the caps imposed are $55,000 for electric cars and $80,000 for electric SUVs and pickup trucks. For more information on the Clean Vehicle Credit: https://bit.ly/3AroL0t. In addition, the Dept. of Energy posted a list of credit-eligible vehicles (https://bit.ly/3A7E1hN). Call or visit our website for more information! www.mjscpa.com/
