Autos

Calculating EV Tax Credits is Confusing: Now There's a Helpful … – MotorBiscuit


The Inflation Reduction Act is pushing electric vehicle sales to both help EV manufacturers and dealers, while also reducing carbon emissions. It keeps the $7,500 credit already applied to new EV purchases but hasn’t left out lower incomes. It offers up to $4,000 toward the purchase of a used EV. But buyer qualifications, and which used EVs the tax credit applies to, are confusing to calculate. Not all buyers and EVs qualify. But now a company is providing an online tool to help determine buyer requirements, and which EVs are part of the program. 

EV tax credit
EV at charging station | Craig Ruttle/Bloomberg via Getty

For those that need some assistance to smooth out the homework, Recurrent Auto has an online tool. It asks buyers to enter the EV’s VIN number, which calculates its eligibility. It also helps establish if a buyer’s income and living circumstances translate into receiving an EV tax credit.



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