Prospective car buyers considering an electric vehicle may need to act fast to take advantage of a Biden-era EV tax credit worth up to $7,500, as President-elect Donald Trump and Republicans on Capitol Hill are likely to eliminate those savings in tax negotiations next year. The Inflation Reduction Act, signed by President Joe Biden in 2022, offers federal EV tax breaks through 2032, making it easier for consumers to access the savings. However, Trump and Republicans are expected to push for repealing the credits to fund tax cuts. This has led to uncertainty over the fate of the EV credit, prompting some consumers to rush to purchase EVs before the potential elimination of the credit. For example, one consumer in Charlotte, North Carolina is hurrying to buy a plug-in hybrid thanks to the $7,500 EV credit before it potentially disappears. Experts suggest taking advantage of the tax credit while it is still available and recommend carefully reviewing lease agreements to ensure protection in case the credit is denied in the future. Overall, it is advised for consumers in the market for an EV to consider making a purchase before the tax credit is eliminated.
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