IRS Extends EV Tax Credit Window: Can You Still Qualify Before Sept. 30?

Core Points - The federal tax credit for electric vehicle purchases, up to $7,500, is set to expire on September 30 due to the One Big Beautiful Bill Act [3] - The IRS has modified rules to allow consumers who enter a binding contract before September 30 to still qualify for the credit, even if the vehicle is delivered later [5][7] - Economists predict a potential 27% drop in electric vehicle demand without the tax credit [4] Tax Credit Changes - The One Big Beautiful Bill Act eliminates the $7,500 credit for new electric vehicles and the $4,000 credit for used electric vehicles [3] - The IRS allows buyers to claim the credit based on the contract date rather than the delivery date, which is beneficial for vehicles with delayed deliveries [6][7] Buyer Considerations - Buyers must be aware of the rules and deadlines to claim the electric vehicle tax credit, including purchase price limits [8] - Vans, SUVs, and trucks with purchase prices exceeding $80,000 are not eligible for the tax credit [8]