Thinking of Going Electric? Don’t Miss the Sept. 30 Tax Credit Deadline!

The cutoff date to take advantage of the $7,500 tax credit for purchasing or leasing a new electric vehicle (EV) or $4,000 credit for buying a used one is fast approaching: Sept. 30, 2025. Just in time, the IRS has issued guidance on the new, used and commercial clean vehicle credits (Sections 30D, 25E and 45W). To be eligible for these credits, the EV must be “acquired” on or before the cutoff date. IRS guidance states that “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 down payment or a vehicle trade-in.” If you’re in the market for an EV and have questions regarding the credits, contact us.