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Replenishment of EV Tax Credits looking more likely now

1929 Views 12 Replies 10 Participants Last post by  Mothertrucker
"The new EV tax credits would be limited to trucks, vans and SUVs with a suggested retail price of no more than $80,000 and to cars priced at no more than $55,000. They would be limited to families with adjusted gross incomes of up to $300,000 annually."

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"We pulled the information from the bill and confirmed all the changes to the EV federal tax credit in the new version:
  • Federal tax credit for EVs maintained at $7,500
    • Eliminates tax credit cap after automakers hit 200,000 EVs sold, making GM and Tesla once again eligible
    • The language in the bill indicates that the tax credit would be implemented at the point of sale instead of on taxes.
    • In order to get the full credit, the electric vehicle needs to be assembled in North America, the majority of battery components need to come from North America, and contain a certain percentage of minerals from countries with free trade agreements with the US.
  • A new federal tax credit of $4,000 for used EVs
  • Zero-emission vans, SUVs, and trucks with MSRPs up to $80,000 qualify
  • Electric sedans priced up to $55,000 MSRP qualify
  • The full EV tax credit will be available to individuals reporting adjusted gross incomes of $150,000 or less, $300,000 for joint filers"
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