EXPLAINER: 2023 tax credits for EVs will boost their appeal

Starting Jan. 1, many Americans will qualify for a tax credit of up to $7,500 for buying an electric vehicle. The credit, part of changes enacted in the Inflation Reduction Act, is designed to spur EV sales and reduce greenhouse emissions.
 

But a complex web of requirements, including where vehicles and batteries must be manufactured to qualify, is casting doubt on whether anyone can receive the full $7,500 credit next year.

For at least the first two months of 2023, though, a delay in the Treasury Department’s rules for the new benefit will likely make the full credit temporarily available to consumers who meet certain income and price limits.