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Tax Credit for New Off-Road Electric Vehicles

This new law introduces a tax credit for individuals purchasing new, off-road electric vehicles. This allows citizens to recover a portion of the purchase cost, potentially encouraging the adoption of more environmentally friendly off-road transportation options.
Key points
You can receive a tax credit equal to 10% of the vehicle's cost or up to $2,500, whichever is less.
The credit applies to new electric vehicles weighing less than 3,500 pounds, with three or more wheels and one or more seats, primarily designed for off-road use, and capable of reaching 40 miles per hour.
These changes apply to vehicles acquired after December 31, 2022.
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Additional Information
Print number: 117_HR_9481
Sponsor: Rep. Phillips, Dean [D-MN-3]
Process start date: 2022-12-08