Last week the Senate passed the Democratic “Inflation Reduction Act,” a $750 billion tax-and-spend bill. It includes a complete revamping of the Section 30D federal electric vehicle (EV) tax credit. The legislation is scheduled to be considered by the House today, August 12 and is expected to narrowly pass. President Biden has stated that he will sign the bill into law immediately. While this new EV tax credit program generally does not go into effect until January 1, 2023, it includes a new requirement that will be effective immediately upon enactment and could affect EVs on your lot. READ MORE HERE
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