11-27-2021, 11:42 AM
It may be worth holding off a bit longer to see what shakes out with the Build back better bill in congress. The bill as written now raises the EV credit to $12,500.
Here's how the proposed changes shake out and keep in mind, they may change yet. The base amount remains $4,000, as it is today, with another $3,500 available if the EV's battery pack includes at least 40 kilowatt-hours of capacity. In the case of plug-in hybrids, the gas tank cannot exceed 2.5 gallons. Now comes the $5,000 boost. There another $4,500 in the tax credit if an automaker makes the EV in the US with a union workforce. Another $500 comes into play for automakers using a US-made battery, for a maximum of $12,500 available.
Currently, the only car that would qualify for the full amount is the Chevy Bolt.teslas misses out as those are assembled in Mexico (my bad, I was thinking Mustang)
Here's how the proposed changes shake out and keep in mind, they may change yet. The base amount remains $4,000, as it is today, with another $3,500 available if the EV's battery pack includes at least 40 kilowatt-hours of capacity. In the case of plug-in hybrids, the gas tank cannot exceed 2.5 gallons. Now comes the $5,000 boost. There another $4,500 in the tax credit if an automaker makes the EV in the US with a union workforce. Another $500 comes into play for automakers using a US-made battery, for a maximum of $12,500 available.
Currently, the only car that would qualify for the full amount is the Chevy Bolt.