US Senate Passes Huge Climate Bill With Updated EV Tax Credit via insideevs.com
The bill also has caps on the price of the vehicles, as well as the earnings of the buyer. Moreover, there's a new $4,000 credit on used electric cars, and it seems both the new and used car credits may be available at the point of sale, so you might not have to wait until tax time to get your money. However, this is only the case if you buy from a dealer.
With all of that said, there could be changes to the bill as it heads to the House. Looking at it closely right now reveals that while there are many positives for EV owners, there may not be very many EVs that qualify for the credit, at least initially. However, plug-in hybrid electric vehicles will also qualify for the credit, as long as they have a battery that's at least 7 kWh.
The updated credit aims to push US automakers to become more independent from China. In order for cars to qualify, they'll have to source materials from North America , and, according to the bill, the percentage of those materials increases over the years. This could mean that some current EVs won't be eligible for the credit, andAs automakers work to improve battery material supply chains, more and more EVs should comply with the rules of the updated tax credit.
While the bill is expected to pass the House, we'll have to wait and see how it all plays out. We'll be keeping our eyes on details related to the bill and any potential changes. Once there's more concrete information to share, we'll provide another article. In the meantime, this is a topic that definitely deserves some discussion. Start a conversation in our comment section below.
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