What EV Buyers Need to Know About the $7,500 EV Tax Credit

Clean Fleet Report

One of the most intriguing of these changes for car buyers is a revamped electric vehicle (EV) tax credit. How Much Can You Get from the EV Tax Credit? The new EV tax credit, like the one that preceded it, offers up to $7,500 for electric passenger cars and light trucks.

Lucid: order your Air now before the federal tax credit goes away

Green Car Congress

Among the many provisions of the bill is the revamping of the federal EV tax credit to require, among many other things, an MSRP of less than $55,000 for cars and $80,000 for SUVs and trucks. Once the bill becomes law, the Lucid Air—with an MSRP of $87,400—will no longer qualify for this federal tax credit. On Friday, the House of Representatives passed the Inflation Reduction Act; President Biden is expected to sign it into law this coming week.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

Fisker finesses the Inflation Reduction Act tax credit changes with binding sales contract; “Transition Rule”

Green Car Congress

The US Senate has passed the Inflation Reduction Act, with nearly $400 billion in funding over 10 years for climate- and energy-related programs; among the myriad provisions in the 755-page bill are changes to the electric vehicle Federal tax credit of $7,500. The bill renews the credit starting in January 2023, and carries it through until the end of 2032. The credit will be available at the point of sale.

Study finds EV buyers want rebates, not tax credits; government could have saved $2B

Green Car Congress

A study by a team from the George Washington University finds that not all financial incentives are created equal in the eyes of prospective car buyers, and the current federal incentive—a tax credit—is, in fact, valued the least by car buyers. The study also found that whereas time-delayed incentives like federal tax credits favor wealthier buyers, immediate incentives like direct rebates were strongly preferred by used car buyers and buyers with lower incomes.

Electric Vehicle Federal Tax Credit: Explained

Electric Driver

You may be wondering what is an electric car federal tax credit. The US government provides people incentives to switch from gas to electric cars and will give you up to a $7,500 tax credit to make the change.

Inflation Reduction Act mandates escalating battery critical mineral requirements to qualify for EV tax credit

Green Car Congress

The Inflation Reduction Act , which the Senate passed last week, revamps the electric vehicle Federal tax credit of $7,500 ( earlier post ). Among the changes are an extension of the tax credit through 2032, the removal of the unit-sales cap of 200,000 per OEM, and a new mandate for qualified cars being assembled in North America.

The tax credit is unlikely to return for these EVs and plug-in hybrids

Green Car Reports

With President Biden signing the Inflation Reduction Act on Tuesday, time is nearly up to get your purchase paperwork completed for a new EV or plug-in hybrid and still earn the federal tax credit.

Limited Time Only: The Federal EV Charging Tax Credit

Sema Connect

The post Limited Time Only: The Federal EV Charging Tax Credit appeared first on SemaConnect.

Senate Finance Committee Approves $12,500 EV Tax Credit Bill

The Truth About Cars

Changes include raising the federal EV tax rebate ceiling to $12,500 and opening the door for automakers who already exhausted their production quotas. The post Senate Finance Committee Approves $12,500 EV Tax Credit Bill appeared first on The Truth About Cars.

Will EV tax credit price caps add urgency to arrival of affordable models?

Green Car Reports

Price caps included with a proposed revamped federal EV tax credit could put pressure on automakers to produce more affordable electric models, argues a new Bloomberg report. An extension of the $7,500 credit reportedly has a good chance of moving through the Senate.

Study: Point-of-sale EV rebates buyers prefer could have saved $2 billion vs. tax credits

Green Car Reports

Purchase incentives are an important tool for increasing EV adoption, but the current federal tax credit may not be the most effective, according to a new George Washington University study.

EV tax credit expansion: Automakers ask Congress to revive effort

Green Car Reports

Although an attempted expansion of the federal EV tax credit has failed—multiple times, in recent years—in a renewed effort, automakers are asking Congress to please try again.

Zero EVs May Qualify For the Federal Tax Credit Under the Inflation Reduction Act Requirements

EV Adoption

Additionally, the IRA could actually receive enough votes to pass, but not without potentially several significant changes — including to some of the EV tax credit requirements. By my initial analysis, those two provisions would disqualify roughly 70% of all EVs from the tax credit.

Fighting Climate Change With Tax Credits

Energy Institute at HAAS

And the problem with swinging for the fences … Continue Reading Fighting Climate Change With Tax Credits. Can we get more carbon mileage out of politically passable climate policy? Build Back Better (BBB) prospects are not looking so good.

Report: EV tax credit rules might accelerate Hyundai timeline for US-built EVs

Green Car Reports

New federal EV tax credit rules requiring greater domestic content could accelerate Hyundai's timeline for building electric cars in the United States, according to a recent Reuters report.

Federal EVSE Credit Returns

EV Club of CT

Post by Barry Kresch Tax Credit for Purchase and Installation of an EV Charger The recently passed Inflation Reduction Act has amended US Code 26, Section 30C to reinstate a tax credit for the purchase.

Ask your questions on EV tax credit score

Baua Electric

24, as we focus on the brand new electrical car tax credit beneath the Inflation Discount Act. The post Ask your questions on EV tax credit score appeared first on Bauaelectric Auto News. Deliver your inquiries to a LinkedIn Dwell at midday EDT Wednesday, Aug.

Ford, GM, Stellantis, Toyota push for Congress to eliminate EV tax credit limits

Teslarati

The CEOs of Ford, General Motors, Stellantis, and Toyota all urged Congress to eliminate the cap on the $7,500 electric vehicle tax credit as zero-emissions vehicles cost more to manufacture. The tax credit cap only has Tesla and GM buyers disqualified from receiving the credit.

EV tax credit’s twisted timeline, IKEA charging, Nader and Tesla FSD: Today’s Car News

Green Car Reports

Could the EV tax credit reboot break WTO rules? And not even industry insiders can verify the EV tax credit is coming back before the end of the year, so buy now. electric vehicle tax. Ralph Nader calls out Tesla Full Self-Driving.

EV tax credit extension with $7,500 point-of-sale rebate, $4,000 for used EVs could pass Senate soon

Green Car Reports

Congress appears close to passing a long-awaited extension—and expansion—of the federal EV tax credit.

Tax credit for conversions

DIY Electric Car

Any chance anyone knows whether there is any kind of tax benefit you can get from an EV conversion? Hi all, new member here and trying to figure out my budget. Thanks! New Member Introductions

Georgia Senator introduces bill that would allow Hyundai, other automakers to qualify for EV tax credit

Electrek

Georgia Senator Reverend Warnock introduced a new bill that would expand which electric vehicles qualify for a tax credit through the Inflation Reduction Act.

Proposed EV tax credit boost: $12,500 tax credit, for union labor and US-made

Green Car Reports

manufacturing infrastructure and help pivot to electric vehicles and clean energy, one outcome is looking increasingly likely: an expansion of the EV tax credit. As the Biden administration and Congressional Democrats push ahead on coordinated policy to strengthen U.S.

Chevy Bolt EV discount, Toyota tax-credit phaseout, EV market collapse: Today’s Car News

Green Car Reports

Toyota likely hit the ceiling for the EV tax credit. Retroactive discounts apply to the Chevrolet Bolt EV and EUV. Electric trucks could pull off the majority of fleet uses today at a cost advantage. Is the EV market on the verge of collapse over price pressures?

EV tax credit consequence: Plug-in vehicle lease prices are soaring

Green Car Reports

That’s because versus just a few days ago, a vast swath of EV and PHEV models are no longer eligible for the federal EV tax credit—now known as the Clean Vehicle Credit.

The New Federal Tax Credit for EVs

Green Energy Consumers

Energy policy & advocacy Electric vehicles/Transportation

Senate moves forward with EV tax credit reform, Tesla (TSLA) to be included back and more

Electrek

The new bill is going to include the long-awaited electric vehicle tax credit reform that is going to give back access to the tax credit to Tesla GM vehicles, along with other changes.

Legislators propose $2,500 federal tax credit for used EVs

Green Car Reports

The federal EV tax credit has thus far only been available for new vehicles, but legislation introduced last week in both houses of Congress could change that.

Toyota exhausts U.S. tax credits for EV purchasers

Baua Electric

tax credit for hybrid and electric vehicles, a milestone that the automaker says will raise its costs and hinder adoption of. tax credits for EV purchasers appeared first on Bauaelectric Auto News. Toyota Motor Corp. has used up a key U.S.

Kia will produce electric vehicles in the US in 2024 to get EV tax credit

Electrek

Kia will start producing electric vehicles in the United States starting in 2024 in order to qualify for new EV tax credits in the Inflation Reduction Act , according to Korean news outlets Maeli Business News and SBS.

EU claims revamped US EV tax credit might violate WTO rules

Green Car Reports

The European Union claims a proposed revamp to the United States EV tax credit aimed at prioritizing American-made content could discriminate against European manufacturers and break World Trade Organization (WTO) rules, the Associated Press reported Thursday.

Can EV tax credit score survive Senate, business objections?

Baua Electric

The Democrats’ revamped credit score for shoppers shopping for new battery-electric, plug-in hybrid and gasoline cell automobiles would eradicate the 200,000-vehicle-per-automaker cap — a threshold surpassed by Normal Motors, Toyota.

Elon Musk Continues Insulting Biden Admin’s EV Tax Credit Scheme

The Truth About Cars

Elon Musk has continued bashing the Biden administration’s tax credit legislation designed to spur electric vehicle adoption, this time suggesting that the entire bill be scrapped.

Proposed Changes to the Federal EV Tax Credit Passed by the House of Representatives

EV Adoption

For electric vehicles, the BBBA includes multiple proposed changes to IRC 30D, more commonly knows as the federal EV tax credit. Perhaps the mostly likely is the requirement for EVs to be assembled in the US in a union factory to qualify for an additional $4,500 tax credit.

$12,500 EV tax credit, union-built bonus included in plan Biden claims can pass Congress

Green Car Reports

A maximum $12,500 federal EV tax credit, including a bonus for union-made vehicles, appears to have survived the negotiation process and is now a likely part of the infrastructure bill.

Here are the cars eligible for the $7,500 EV tax credit in the Inflation Reduction Act

Electrek

The Inflation Reduction Act , the major climate bill, was signed today , changing the availability of electric vehicle tax credits. Now, only EVs assembled in North America qualify for the credits.

Union-made bonus for EV tax credit proposal is gone, Manchin confirms

Green Car Reports

Democratic senator Joe Manchin on Tuesday said a proposed $4,500 EV tax-credit bonus for union-made vehicles is now gone from the Senate's version of the Build Back Better Act, according to Automotive News (subscription required).

Senate votes to place a $40,000 price cap on EV tax credit

Green Car Reports

Earlier this week the Senate voted to place price and household-income caps on the federal EV tax credit, as part of the $3.5 would eliminate tax credits for vehicles costing more than $40,000, and for households with more than

DOE publishes list of EVs eligible for new tax credit

Teslarati

Department of Energy’s Alternative Fuels Data (DOE) published a list of electric vehicles that are immediately available for the new $7,500 EV tax credit. Under the new law, only EVs assembled in North America qualify for the credits. The U.S.

Proposed Changes to Federal EV Tax Credit – Part 2: End of the Manufacturer Sales Phaseout

EV Adoption

Arguably the biggest flaw in the Plug-In Electric Drive Vehicle Credit ( IRC 30D ) regulations is the triggering of a phaseout schedule of the tax credit when a manufacturer sells 200,000 total EVs (BEV and PHEV).

Toyota’s tax credit advantage over competitors like Tesla disappears

Teslarati

As recently corroborated by the veteran Japanese carmaker, it has already crossed the 200,000-unit cap for the United States’ $7,500 tax credit for hybrid and all-electric vehicles.

New Federal EV Incentive

EV Club of CT

Post by Barry Kresch EV Refundable Tax Credit Included in Inflation Reduction Act (IRA) As of this writing, the IRA has passed both chambers and awaits the signature of President Biden.

EV Drive coalition begins lobbying effort to save tax credit

Green Car Reports

Members of the lame-duck Congress all got letters on their desks Tuesday stating why the electric-car tax credit should be revised and extended. Along with a five-point fact sheet made public Tuesday, the effort is the first salvo in a battle by the newly-formed EV Drive Coalition to extend the plug-in vehicle tax credit, which is expiring for two. GM Chevy Volt tax credit plug-in cars