If you are considering buying an electric car in 2024, there’s good news — and bad news: A hefty federal tax credit for electric vehicles is going to get easier to access next year, but fewer vehicles will likely qualify for the full $7,500 credit.
The tax credits are a key part of the Biden administration’s plan to speed up the shift to electric vehicles and slash carbon emissions from transportation.
But the government is also trying to push companies to bring more jobs to the U.S. by requiring a domestic supply chain. Those two goals can be in tension.
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