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January 19, 2023

Financial Focus | Winter 2023

Written by accruentadvisors ®, Posted in

In this Issue

Inflation Reduction Act 2022 – Tax Credits & Student Loan Forgiveness

Rick Brown, EA CFP®

Asheville, NC

The Inflation Reduction Act and other items passed by Congress may affect decisions you make in 2023 and beyond. Some of these were immediately in place as of August 16th, 2022. While student loan forgiveness has dominated headlines, there are other important changes to be aware of as well as you make financial decisions.


The existing credit of up to $7,500 for new electric vehicle purchases was extended to 2032 and a new credit was added of up to $4,000 for used electric vehicles more than two years old. The caveat is for vehicles purchased after August 16, 2022, final assembly has to be in North America so this significantly limits which vehicles qualify now ( gov/laws/inflationreduction-act) and no longer includes foreign companies like Kia, Hyundai, or Toyota. On a positive side, the previous exclusion on tax credits by manufacturer once they sell 200,000 vehicles has been removed, making GM and Tesla eligible purchases once again. The credit is limited to the vehicle’s value as follows:  


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