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President Biden signed the Inflation Reduction Act, a significant tax, healthcare, and.....

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environmental bill, last week. The agreement has altered the criteria for which automobiles are eligible.....

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for an electric vehicle tax credit. One new requirement is that the final assembly

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must take place in the United States for orders made on or after August 16.

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Additional modifications start on January 1 with the implementation of car price limitations and family income constraints.

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An individual taxpayer's modified adjusted gross income over $150k, a head of household's modified adjusted

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gross income over $225k, and a joint taxpayer's modified adjusted gross income over $300k will not be eligible

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for a new EV credit. No credit will be given for used EVs to individual taxpayers with MAGI above $75,000, head of

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household filers with MAGI over $112,500, or joint filers with MAGI over $150,000.