There's less than a month to get a $7,500 EV tax credit. Here's what you should know.

"The tax and spending bill, passed by Congress in July, eliminated a $7,500 tax credit for new EVs and a $4,000 tax credit for used EVs. The decision is a blow to American EV manufacturers like Tesla, which could see a drop in sales as drivers reconsider the higher cost. However, some automakers say they expect a temporary boost in EV sales as people race to use the tax credits before they're officially gone."

"The IRS says drivers may qualify for an EV tax credit of up to $7,500 if they purchase a new, qualified plug-in EV or fuel cell electric vehicle. Drivers can't buy the EV for resale and must use it primarily in the US. Additionally, a driver's modified adjusted gross income cannot exceed: $300,000 for married couples filing jointly or a surviving spouse $225,000 for heads of households $150,000 for all other filers"

Federal tax credits for electric vehicles expire after September 30. The $7,500 credit for new EVs and $4,000 credit for used EVs were eliminated by a tax and spending bill passed in July. Qualified buyers may receive up to $7,500 for new plug-in or fuel-cell vehicles if the vehicle is not purchased for resale and is used primarily in the United States. Income limits are $300,000 for married couples filing jointly, $225,000 for heads of households, and $150,000 for other filers. Qualifying vehicles must meet battery, weight, manufacturer, North American assembly, and critical mineral requirements, and must be placed in service to claim the credit.

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