The Inflation Reduction Act signed into law on August 16, 2022, created or amended tax breaks to incentivize Americans to buy electric cars, trucks and other vehicles by making them less expensive. A tax credit is now available to businesses for the purchase of new Commercial Electric Vehicles (EV) and Fuel Cell Electric Vehicles (FCEV). The act creates a new tax credit for qualified commercial clean vehicles. The amount of the credit is the lesser of 15% of the cost of the vehicle (30% for vehicles not powered by a gasoline or diesel internal combustion engine), or the cost of the vehicle in relation to a comparable vehicle. The credit amount may not exceed $7,500 for vehicles weighing less than 14,000 pounds ($40,000 for other vehicles).
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