Individuals interested in purchasing electrified vehicles as well as governmental entities and businesses that are considering electrifying their fleets should carefully consider the numerous benefits contained in the Inflation Reduction Act (the Act) that was signed into law by President Biden on August 16, 2022. In particular, Part Four of Subtitle D of the Act focuses on benefits afforded clean vehicles. These benefits are in addition to the $7 billion in benefits afforded state governments and private parties for developing charging infrastructure included in the November 2021 Infrastructure Law. The clean energy provisions of the Act contain over $350 billion of benefits.
This newsletter will generally describe the benefits afforded interested parties in electrified vehicles and charging stations supporting those vehicles.
Below is a list of some of the opportunities for interested parties:
There are several observations that can be made about these new provisions for the tax credits for qualified electrified vehicles:
To discuss the above and other opportunities, please contact Art Harrington. Because of the length and complexity of the Act and the numerous underlying requirements that are applied to it, whether the above programs are applicable to your organization and your projects is based on a number of factors in addition to those outlined in this summary update. Therefore, it is important to make sure that all relevant factors are considered as you proceed to determine whether you can take advantage of these benefits contained in the Act.
If you have a media request or need an attorney with particular knowledge for comment, please contact Kyle Mondy, Marketing & Communications Manager, at 414.287.9481 or kmondy@gklaw.com.
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