What the EV Tax Credit in an IRA Account Means for You

The bill, dubbed the Inflation Reduction Act, made its way through the Senate over the weekend. The House is expected to approve it Friday, sending it to President Biden to sign into law.

While the tax credit is widely touted as a way to make new and used electric vehicles, or EVs, more affordable, many of the provisions that determine eligibility — production requirements that many current models cannot meet in the short term — have created confusion among people scrambling to figure out how their plans to buy these cars will be affected.

Public confusion around electric vehicle incentives isn’t all that surprising, said Chris Harto, senior policy analyst for transportation and energy at Consumer Reports.

“Unfortunately, in the short term, this tax credit change will make the already challenging EV market even more challenging,” Harto said. But ultimately, in the long run, it will be great for consumers and especially for middle-income mainstream consumers to get into affordable EVs on the road.

Here’s what Harto and other experts have to say about electric vehicle tax credits and how to take advantage of them.

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