EV Tax Credit: How It Works and Which Vehicles Qualify

The toughest roads to navigate in an electric vehicle may be the forking paths of the tax code.

EV buyers can get up to $7,500 in tax savings right at the dealership, under changes to the law that went into effect Jan. 1. By contrast those who drove an EV off the lot last year have to claim the tax credit on their 2023 tax return, which is due April 15 for most taxpayers.