Inflation Reduction Act extends $7,500 tax credit for electric cars


David Madison | Photodisc | Getty Images

A federal tax break that’s available to car buyers for going electric may work differently starting next year.

Under the Inflation Reduction Act — which received Senate approval on Sunday and is expected to clear the House this week — a tax credit worth up to $7,500 for buyers of new all-electric cars and hybrid plug-ins would be extended through 2032. The bill would also create a separate tax credit worth a maximum $4,000 for used versions of these vehicles.

Yet the measure also would usher in new limits to both who can qualify for the credit and which vehicles are eligible for it.

The tax credit has ‘price and income restrictions’

“First, in…


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