Many electric vehicles to lose big tax credit with new rules

Posted on AllSides March 31st, 2023
From The Left
AP Photo/Jae C. Hong, File

Fewer new electric vehicles will qualify for a full $7,500 federal tax credit later this year, and many will get only half that, under rules proposed Friday by the U.S. Treasury Department.

The rules, required under last year’s Inflation Reduction Act, are likely to slow consumer acceptance of electric vehicles and could delay President Joe Biden’s ambitious goal that half of new passenger vehicles sold in the U.S. run on electricity by 2030.

The new rules take effect April 18 and are aimed at reducing U.S. dependence on China and other countries for...

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Associated Press

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https://apnews.com/article/electric-vehicles-tax-credit-7500-c562cb2d3509e93dc81d3b7d395725af

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