Maximizing Electric Vehicle Tax Credits through Leasing.
Leasing an electric vehicle (EV) has become the most affordable way to get a $7,500 tax credit from the US government, thanks to a loophole in the rules. The credit can be applied to any leased EV, regardless of where it is made, while only EVs made in North America qualify for the full tax credit if purchased. Critics argue that the rules benefit foreign automakers that produce all their vehicles overseas and have yet to build EV and battery factories in the US. However, the Treasury Department denies creating a loophole and says it was Congress that exempted commercial vehicles from the manufacturing and battery requirements.