Here’s how you can claim the $7,500 tax credit before it’s retired by Trump admin.
For more than a decade now, climate-friendly policy has protected and boosted the American electric vehicle industry. In the past two years, that has been in the form of the electric vehicle tax credit that was a part of former President Joe Biden’s Inflation Reduction Act.
Now, all of that is due to expire on September 30.
Trump began his attack on the EV tax credit as his first order of business as President. The final blow came when the “big beautiful bill” passed and was signed into law this summer, officially tolling the death knell for the tax credit that could have saved consumers up to $7,500 per EV purchase.
Electric vehicles are increasingly preferred for being climate-friendly, especially as governments around the world try to hit carbon neutrality targets to reduce the risks of climate change.
“Transportation is the largest source of global warming pollution in the country, and passenger vehicles are the largest source within transportation,” David Reichmuth, senior scientist at the Union of Concerned Scientists’ Clean Transportation Program, told Gizmodo. “There’s really no way to make the reductions we need to make to avoid the worst damages from climate change without switching from fossil fuels to cleaner electric vehicles powered by renewable energy.”
A tax credit helps consumers to opt for climate-friendly cars without it being a financial burden, as the industry advances the technology on the road to affordability. It also helps the American electric vehicle industry grow amid heavy competition around the world.
