The IRS last week modified the phase-out of the electric vehicle tax credits mandated by President Donald Trump’s One Big Beautiful Bill Act, terminating billions of dollars in clean energy tax credits that the Biden administration enacted through the 2022 Inflation Reduction Act.
The Republican megabill, signed by Trump on July 4, eliminated the IRA’s EV tax credits, which offered consumers up to $7,500 for purchasing a new EV and $4,000 for a used one.
The credits are set to expire on Sept. 30, but the IRS provided some breathing room for consumers looking to purchase an EV.
The IRS stated that if a consumer has a written binding contract in place and payment has been made on or before the expiration date, then the buyer may
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