If you are intending to buy an electric vehicle in the U.S. and wish to obtain the $7,500 tax credit before it finishes on September 30, there exists a short window to achieve this. The $7,500 federal EV tax credit is poised to terminate on September 30, as detailed in Trump’s “Big Beautiful Bill,” which was enacted in July. Previously, purchasers needed to take possession of the car by this date, but that is no longer a requirement. As reported by CNBC, new IRS guidelines released on August 21 provide a slight benefit for buyers. The revised rules indicate, “A vehicle is ‘acquired’ as of the date a written binding contract is entered into and a payment has been made. A payment includes a nominal downpayment or a vehicle trade-in.” This implies you only have to sign a contract and make a payment for an EV by September 30, with vehicle delivery permitted at a subsequent date. However, you must confirm that both you and the vehicle meet the eligibility criteria for the tax credit. Qualifying vehicles can be located on the United States Environmental Protection Agency’s site. Prospective buyers need to fulfill income limitations: individuals under $150,000, heads of household under $225,000, and married couples under $300,000.