Quote:
Originally Posted by Mako
Here is current info, but I guess this could still change
While Democratic lawmakers continue to negotiate the $1.75 trillion measure, here's what the latest version of the bill would provide EV owners:
A credit of up to $7,500 for an electric or plug-in hybrid vehicle, defined as a car with a battery capacity of at least 40 kilowatt-hours and a gas tank, if any, under 2.5 gallons.
An additional $500 credit for a car with a battery pack made in the U.S.
An additional $4,500 credit for cars assembled at a unionized U.S. plant. (Currently only plants owned by GM, Ford and Stellantis qualify.)
Price and income limits
To qualify for tax credits under the BBB, EVs need to fall under a price limit. Vans, sports utility vehicles or pickup trucks need to be under $80,000 to be eligible for the credit; for all other cars, the price limit is $55,000. That means luxury EVs like the Porsche Taycan or the forthcoming electric Hummer wouldn't qualify for the credit.
There's also an income limit for taxpayers to receive the credit: $500,000 for married couples or $250,000 for single people. These limits are intended to direct the EV credit more toward middle- and working-class people, said Mike Fiske, an analyst at IHS Markit.
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Definitely changes things in this case, hopefully this will just be a starting point for better and more inclusive negotiations and lift or increase the MSRP cap.