Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News Editorials & Other Articles General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

Automobile Enthusiasts

Showing Original Post only (View all)

Eugene

(63,213 posts)
Tue Aug 9, 2022, 10:12 AM Aug 2022

Most electric vehicles won't qualify for federal tax credit [View all]

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

7 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
Latest Discussions»Culture Forums»Automobile Enthusiasts»Most electric vehicles wo...»Reply #0