Federal EV Tax Credit Set toโข Expire, Leaving โขbuyers with Limited Options
Californiaโค consumers hoping toโค take advantage โof federalโฃ tax credits for โnew adn used electric vehicles face a rapidly โclosing window, as the incentive โฃisโ slated toโข end September 30th. The expiring credit, offering up โto $7,500 for new evs โand โ$4,000 โฃfor used ones, โhasโข been a key driver of electric vehicle adoption, and its โคloss could substantially impact sales and โaffordability.
The approaching deadline has createdโข challenges for both buyers and dealerships. Accordingโค to Acura dealership representative,Sweet,dealers were reluctant to transfer vehicles from other locations within the state,anticipating strong local demand. “Dealers just didn’t want toโข let go of those EV’s because they โknew they โฃwould be able toโ sell them,” she โexplained. However, consumers who secure a binding deposit contract on a vehicle before the September 30th deadlineโ will still be eligible for the credit, even if delivery occurs afterward.
Originally, Governorโ newsom โขpledged to introduce a California stateโ tax credit should the federalโ incentive be eliminated by the Trump governance.โค Recent reports indicate Newsom has reversed โcourse, statingโ the state will continue to invest in โฃEV infrastructure but cannot currently โoffer a state-level tax credit to offset the loss โขof theโ federal program.
For those interested in followingโ updates on this developing story, Vince โYbarraโค can be found onโ Facebook (@VinceABC30), Twitter (@vinceABC30), and Instagram (@vinceybarratv).
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