Tuesday Tax Tip: EV Tax Credit Ending Soon

Are you considering buying an electric vehicle (EV)? If so, you might want to act fast.

With changes on the horizon in Washington, the EV tax credit introduced in 2022 under President Biden is on its way out. Here's a quick breakdown of what this means:

• Up to $7,500 in tax credits for new, qualified plug-in EVs or fuel cell electric vehicles (FCVs).

• 30% of the sale price (up to $4,000) in tax credits for used EVs.

This credit was designed to support America’s shift to greener energy, and while it boosted EV sales across brands like Tesla, General Motors, and Rivian, it's slated for removal soon.

Interestingly, Tesla CEO Elon Musk has voiced support for removing the credit, stating it would hurt competitors more than Tesla itself. Still, the clock is ticking for anyone hoping to take advantage of these savings.

What does this mean for you?
If you’ve been debating on getting a new or used EV, now’s the time to act. Once this tax credit is gone, it’s gone for good.

Make a move while you still can—because who doesn’t love a little extra cash in their pocket come tax season?