Yesterday was the last day to get a tax credit for buying an electric vehicle (E.V.), and motorists were apparently buying them like crazy before the credit expired. The expiration is bad news if you were about to get rid of your gas-burning car, but it's good news for the American taxpayer.
In 2022, then-President Joe Biden signed the Inflation Reduction Act (IRA) into law. One of its provisions, a "clean vehicle credit," awarded up to $7,500 for purchasing an electric vehicle. A similar program had existed since 2010, but automakers were limited to 200,000 credits; the IRA removed that cap. The program was set to last until December 31, 2032, but the One Big Beautiful Bill Act, which President Donald Trump signed into law in July, changed the termination date to September 30, 2025.
