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MikeH
January 3, 2025
Question

I bought an EV in 2024 and I’m eligible for $7,500 tax credit. What happens to this credit if Trump repeals the Inflation Reduction Act of 2022 immediately?

  • January 3, 2025
  • 1 reply
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    1 reply

    DoninGA
    DoninGA
    Employee
    January 3, 2025

    That requires Congressional legislation which has to be approved by both the House and the Senate before it can become law with the President's signature.  Normally changes such as this are never retroactive for the current and prior tax years.

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