The newly signed Inflation Reduction Act will have big implications for electric vehicle buyers.
Some popular electric vehicles may become eligible for a tax credit once again, while other cars that were eligible this month will not be for the foreseeable future. Here's what you need to know as a consumer.The old credit offered $7,500 for new electric vehicle buyers until their automaker hit a 200,000 limit for available tax credits. Plug-in hybrid buyers received a smaller credit.
Under the new credit system, the MSRP of a pickup or SUV must not be over $80,000, and other vehicles like sedans must not surpass $55,000. A buyer's income must not exceed $150,000 if single, $225,000 if the head of a household, or $300,000 if married. Popular electric models like the Hyundai Ioniq 5 and Kia EV6 will lose their eligibility under the new rules unless manufacturers make changes like where the vehicles are assembled.
Nissan confirmed to CNN Business that the Leaf will remain eligible for the full credit through the end of 2022. Volvo expects the S60 Recharge to continue to qualify to year's end given guidance from the Department of Energy.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
President Biden signs Inflation Reduction Act to limit climate change | EngadgetPresident Biden signs Inflation Reduction Act to limit climate change
Read more »
How is the Inflation Reduction Act expected to impact San Diegans?The newly signed Inflation Reduction Act promises to have a significant impact on San Diego from helping people buy electric cars, to helping our county reach net-zero emissions by 2035.
Read more »
Inflation Reduction Act savings calculator: How much you may save with tax credits, discountsThe $739B measure carries a host of tax credits and discounts on everything from electric cars to solar energy.
Read more »
Watch Live: Biden to Sign Inflation Reduction Act Into Law, Setting 15% Minimum Corporate Tax RateAfter more than a year of debate, Biden’s sweeping infrastructure bill is becoming law — albeit a significantly smaller version of his Build Back Better plan.
Read more »
Higher energy taxes in the Inflation Reduction Act will increase inflation, not decrease it'Inflation is fundamentally a problem of too much money chasing too few goods and services,' E.J. Antoni writes. 'Unfortunately, this latest piece of legislation in Washington does nothing to solve the problem.'
Read more »
Biden inks landmark climate crisis, health care bill into lawMassive incentives for clean energy in US law signed by President Joe Biden should reduce future global heating 'not a lot, but not insignificantly either,' say climate scientists
Read more »