Three things to know about this new law:
1.
The existing electric vehicle tax credit that applied to both business and personal vehicles remains unchanged from January 1 to August 16, 2022.
2.
The new and difficult North America assembly rules apply from August 16 through December 31, 2022, and require tax planning if you want to buy an electric vehicle this year.
3.
Beginning in 2023, buying an electric vehicle for your business escapes the draconian rules that haunt 2023 personal-use electric vehicle purchases.
What’s the Deal for the Remainder of 2022?
Here’s what you need to consider for the remainder of 2022:
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The 200,000-vehicle cap on electric vehicles qualifying for tax credits remains in place until January 1, 2023. If you want the tax credit on a Tesla or a Chevrolet, both of which are over the cap, you need to wait and buy on January 1 ... Log in to view full article.
