Most electric vehicles won't qualify for federal tax credit
Source: Associated Press
Most electric vehicles won’t qualify for federal tax credit
By TOM KRISHER
August 9, 2022
DETROIT (AP) — A tax credit of up to $7,500 could be used to defray the cost of an electric vehicle under the Inflation Reduction Act now moving toward final approval in Congress.
But the auto industry is warning that the vast majority of EV purchases won’t qualify for a tax credit that large.
That’s mainly because of the bill’s requirement that, to qualify for the credit, an electric vehicle must contain a battery built in North America with minerals mined or recycled on the continent.
And those rules become more stringent over time — to the point where, in a few years, it’s possible that no EVs would qualify for the tax credit, says John Bozzella, CEO of the Alliance of Automotive Innovation, a key industry trade group. As of now, the alliance estimates that about 50 of the 72 electric, hydrogen or plug-in hybrid models that are sold in the United States wouldn’t meet the requirements.
-snip-
Read more: https://apnews.com/article/electric-vehicles-tax-credit-cfd3d9322230446f65d629b05c2ae551
= new reply since forum marked as read
they want to boost US manufacturing of these needed items? Encourage our country's workers and create new jobs here. Biden looking towards the future!
