If you're looking for a Labor Day sale on a new electric vehicle, the federal government might help you get one of the best deals this month. You have 30 days to bundle tax credits from both Joe Biden’s and Donald Trump’s administrations.
Consider how each president’s signature piece of legislation could help you save on a new car:
◾ 2022 Inflation Reduction Act: The Biden-era incentive gives you up to a $7,500 tax credit for new, plug-in EVs or fuel-cell electric vehicles. Trump's massive tax and spending policy bill will end this credit on Sept. 30.
◾ “Big Beautiful Bill”: Trump’s new law offers an annual tax credit of up to a $10,000 on the interest of loans for new vehicles as long as they're less than 14,000 pounds and assembled in the United States. It covers purchases made in 2025 through 2028.
"Big Beautiful Bill" 101: What you need to know about the law
