2023 Update: Inflation Reduction Act & Impact on ZappyRide Processed Incentives
The Inflation Reduction Act, signed into law by President Biden in August 2022, changed the eligibility requirements for the federal electric vehicle (EV) tax credit. As of January 2023, the credit is available to sedans under $55,000 and SUVs, minivans, and pickups under $80,000 that are built in North America. The credit is also now available to leased EVs, subject to the leasing company passing the benefit through to the end consumer. Previously, the credit was only available to EVs assembled in the United States and had manufacturer unit caps and income limits for buyers. The new criteria will benefit buyers of Tesla, GM, Ford, Nissan, and North-American built Volkswagen EVs.
How Will This Affect ZappyRide Incentive Amounts Between January 1st, 2023 and March?