In an effort to encourage electric vehicle production and mass adoption, the Inflation Reduction Act was recently signed. This new piece of legislation only allows certain electric vehicles to qualify for $7,500 in tax credits. The fact is that there are many qualifications that seem to "evolve" over time and based on many variables.

Some things to consider are:

• The vehicle must be assembled in North America.
• Some vehicles won’t qualify for the tax credit again until Jan. 1, 2023 because several manufacturers have already reached the 200,000 vehicle-cap for this year’s credit.
• In 2023, the credit will only be available to individuals earning less than $150,000 per year or married couples earning less than $300,000.
• Also is starting next year, the tax credit will only be offered on electric cars costing less than $55,000 and electric trucks and SUVs costing less than $80,000.

Here’s a look at the vehicles that currently qualify for the new $7,500 electric vehicle credit.

—2022 Audi Q5

—2022 BMW 3-series Plug-In

—2022 BMW X5

—2022 Chevrolet Bolt EUV — Manufacturer sales cap met

—2022 Chevrolet Bolt EV — Manufacturer sales cap met

—2022 Chrysler Pacifica PHEV

—2022 Ford Escape PHEV

—2022 Ford F Series

—2022 Ford Mustang MACH E

—2022 Ford Transit Van

—2022 GMC Hummer Pickup — Manufacturer sales cap met

—2022 GMC Hummer SUV — Manufacturer sales cap met

—2022 Jeep Grand Cherokee PHEV

—2022 Jeep Wrangler PHEV

—2022 Lincoln Aviator PHEV

—2022 Lincoln Corsair Plug-in

—2022 Lucid Air

—2022 Nissan Leaf

—2022 Rivian EDV

—2022 Rivian R1S

—2022 Rivian R1T

—2022 Tesla Model 3 — Manufacturer sales cap met

—2022 Tesla Model S — Manufacturer sales cap met

—2022 Tesla Model X — Manufacturer sales cap met

—2022 Tesla Model Y — Manufacturer sales cap met

—2022 Volvo S60

—2023 BMW 3-series Plug-In

—2023 Bolt EV — Manufacturer sales cap met

—2023 Cadillac Lyriq — Manufacturer sales cap met

—2023 Mercedes EQS SUV

—2023 Nissan Leaf