TOLEDO, Ohio (WTVG) – With the passage of the Inflation Reduction Act of 2022, the federal government enacted a tax credit for electric vehicle owners.

Additionally, many states, including Ohio, have added an annual fee for electric vehicle owners. The guidelines for annual fees differ this year with respect to eligibility and available credit.

Electric vehicle owners can receive up to $7,500 in tax credits from the federal government. CPA Tom Baird said the Ohio government, like many others, is trying to make up for the loss of funding.

“The $200 thing, that’s just to make up for the gas tax that Ohio isn’t collecting because it doesn’t buy gas, but it still wears down the road…and I think it’s ahead there as well because the gas tax is pretty significant.” ,

Baird said not having to pay for gas is one of the qualities that makes electric vehicles so attractive, especially since gas prices have been on a roller coaster in recent months.

“Electricity has been pretty constant over the past few years, unlike gasoline and a few other things. So I don’t see it being a big problem,” Baird said.

If you have etiquette shock, Baird said, it’s delayed gratification.

“If you’re shopping for an EV and you’re shopping for a mid to low price, you’re probably going to be ahead. If you’re buying a luxury electric vehicle, Mercedes has one, Audi has one, you’re going to pay premium prices,” Baird said.

Do you see a spelling or grammatical error in our story? Please include the title when Click here to report it