If you’re looking to buy an electric car in the U.S. and get the $7,500 tax credit after it ends on September 30, there is now a way to do that – but not by very long.
Yes, the $7,500 federal EV tax credit still ends on September 30, per Trump’s “Big Beautiful Bill,” which was signed into law in July. But previous rules required buyers to actually receive the car before that date, and this is no longer the case.
Per CNBC, new IRS guidance, released on August 21, changes the rules slightly in favor of the buyer.
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“A vehicle is ‘acquired’ as of the date a written binding contract is entered into and a payment has been made. A payment includes a nominal downpayment or a vehicle trade-in,” say the new rules.
This means that you only have to sign a contract and make a payment for an EV by Sept. 30, but the vehicle itself can be delivered at a later date.
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Of course, just like before, you still have to make sure both you and the car you’re buying can qualify for the tax credit. You can search for eligible vehicles over at the United States Environmental Protection Agency’s website. As for potential buyers, individuals must have an income under $150,000; a head of household must earn less than $225,000, and married couples must make less than $300,000.
