Using the Clean Vehicle Tax Credits

The federal tax credit for buying a new, previously-owned, or commercial clean vehicle (a plug-in electric, plug-in hybrid, fuel cell vehicle) ends September 30, 2025. The IRS posted new FAQs indicating that a vehicle placed in service after this date can qualify as long as there is a binding contract or purchase by the end of the month and a payment has been made. A payment includes a nominal down payment or a vehicle trade-in. #IdeaoftheDay