EV Tax Credit Update November 2021 – Last Minute Changes Mean More Vehicles Qualify!!
Tesla is not the only one to benefit from the potential update to the EV tax credit legislation in discussion. GM and Ford are also propped to substantially benefit from proposed legislation that would expand the current $7,500 EV Tax Credit.
Some last minute changes have been amended in the proposal and it does make more vehicles eligible than the previous version. That said, Income requirements have changed and it now limits more of the highest earners. Still, most people will qualify for the credits.
At the time of filming, it appears that congress has come to terms on the outline of the new infrastructure bill. In the bill includes incentives for green initiatives, including tax credits for EV’s. That language seems to be nearly final at this point and here is what we know.
While congress has not been able to come to agreement to date on what the structure of the new EV tax credits should be, we are starting to get a narrowed scope from indications from Washington.
Both the Senate and the House have their own version of the proposed EV Tax Credits, and like before, Tesla is still on the back burner. That said, Tesla would see the biggest tax credit on the Senate version, but would have more cars qualify on the House version.
The Senate version has seen some new restrictions as of late that would limit Tesla eligibility to only the Model 3 SR+. On the other hand, the House bill would open up eligibility to not only the full Model 3 lineup, but also the Model Y lineup as well as the Cybertruck. The Tax credits for Tesla’s would be limited in comparison to Union built cars from GM and Ford.
GM and Ford are best suited to gain the most from both versions of the EV Tax Credits. As it sits right now, only Union built cars with US sourced batteries would qualify for the full $12,500. Any deviation from this would put $5,000 of the Tax Credit at risk.
All EV’s would be looking at a new benefit of at least $7,500, which would eliminate the 200k unit cap currently in place. This will surely drive significant demand in the EV sector in the U.S.
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