The Inflation Reduction Act amended an existing law that offers rebates of up to $7,500 to people who buy new “clean” vehicles such as electric cars, plug-in hybrids and hydrogen fuel cell vehicles.
The loan will be available until 2032 but comes with strict income requirements, The Sun reports.
Married couples do not qualify for the new car loan if their modified adjusted gross income on a joint tax return exceeds $300,000. The limit is $150,000 for individual taxpayers.
Individuals are not eligible for the tax credit if their pickup truck, sport utility vehicle or pickup costs more than $80,000. A price limit of $55,000 applies to other vehicles.