The New Electric Vehicle Tax Credit Legislation for EV Vehicles

On August 7^th, 2022, the Senate passed the “Inflation Reduction Act” which is an amended version of the $790 billion tax and spending bill. The legislation is looking to be considered by the House on Friday, August 12^th with a high expectation to pass as the vote in the senate passed 51-50. President Biden has stated he will sign the bill into law possibly early next week with the bill including an important change for the section 30D federal electric vehicle (EV) tax credit. Even though the tax credit program does not go into effect until the first of January 2023, a new requirement will go into effect immediately upon the enactment.

The mandatory requirement for the up to $7,500 federal tax credit is the electric vehicle (EV) will need to have its final assembly within the U.S., Mexico, or Canada. Once the bill has been signed, if the final assembly was completed outside of North America without an already written bonded contract to purchase in place, the vehicle no longer qualifies for the tax credit. At Jerry’s Chevrolet of Baltimore, our EV model vehicles all qualify under the Inflation Reduction Act as our EV vehicle’s final assembly points are in Detroit, Michigan, and Ramos Arizpe, Coahuila, Mexico. We are looking forward to the upcoming 2024 models Silverado EV, Blazer EV, and Equinox EV to make their landing through 2023 year. If you are currently looking for an Electric Vehicle at this time, we would love to show you one of the 2022 Chevrolet Bolt EV or Bolt EUV. If you would like more information about the upcoming EV models, click here or contact us by clicking here. Come on out to Jerry’s Chevrolet of Baltimore and let us assist you in getting into the next generation of vehicles!

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