Car buyers in the market for an electric or hybrid vehicle are attuned to the last-minute wrangling for a spending bill that proposes expanding the EV tax...
Car buyers in the market for an electric or hybrid vehicle have a special reason to follow the last-minute wrangling over the Build Back Better bill: it could expand electric-vehicle tax credits to up to $12,500 and make it easier for more people to qualify for those credits.
House Speaker Nancy Pelosi, on hand this week at the U.N.’s COP26 climate summit in Glasgow, repeated her expectations for Build Back Better to go up for a vote during the week of Nov. 15. Here’s a section-by-section breakdown of the bill. It has historically been such government-sponsored incentives that have swayed more would-be buyers, auto analysts have said, given that EVs have higher sticker prices than vehicles that run on an internal combustion engine.
The bill also calls for resetting the clock for makers Tesla TSLA, +4.34% and GM’s Chevrolet GM, +1.11%, which had tapped out the incentives allowed under earlier legislation, Nadel said. Current law for the credits phases them out after a particular automaker sells over 200,000 qualifying vehicles. The Tesla 3, earlier this year, was voted most “American-made” by Cars.com, using a list of qualifications. Rivian RIVN, +29.14% is based in Irvine, Calif., with its manufacturing plant in Normal, Ill. The Ford Mustang Mach-E, for instance, is assembled in Mexico.Critics said these restrictions on imports limit the EVs that consumers can buy and still enjoy the break.
Making EV tax credits ‘refundable’ Currently, the EV tax credit is a nonrefundable credit when you file your taxes, meaning it simply lowers your federal tax bill — you have to make a certain amount for it to really have an impact.
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