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The Independent UK
The Independent UK
National
Tom Krisher

The easiest way to get a $7,500 tax credit for an electric vehicle? Consider leasing.

Copyright 2023 The Associated Press. All rights reserved.

Thanks to a boost from the government, leasing — not buying — is becoming the most affordable way to get your hands on an electric vehicle.

Last year’s Inflation Reduction Act provided a federal tax credit of up to $7,500 to use toward an EV. Under the rules, a dealer can apply that credit to any leased electric vehicle, no matter where it's made, to reduce a customer's monthly payment.

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