The Window to Capture a $7,500 Electric-Vehicle Tax Credit May Be Closing. How to Snag It.

Americans are flocking to electric vehicles, pushing sales up 127% over the past two years. To sweeten the deal, the federal government is offering a tax credit of up to $7,500 for EVs and other “clean vehicles,” including plug-in hybrids.

But buckle up if you want to qualify. You’ll have to navigate a tangle of eligibility rules. Dealers aren’t likely to sell for anything below sticker price. And you may need to buy before additional rules are expected from the Internal Revenue Service in March—cutting or eliminating credits for some models.