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MikeH
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I bought an EV in 2024 and I’m eligible for $7,500 tax credit. What happens to this credit if Trump repeals the Inflation Reduction Act of 2022 immediately?

 
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I bought an EV in 2024 and I’m eligible for $7,500 tax credit. What happens to this credit if Trump repeals the Inflation Reduction Act of 2022 immediately?

That requires Congressional legislation which has to be approved by both the House and the Senate before it can become law with the President's signature.  Normally changes such as this are never retroactive for the current and prior tax years.

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