HomeEnvironment & Climate NewsMost Electric Vehicles Won't Qualify For Federal Tax Credit
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Most Electric Vehicles Won’t Qualify For Federal Tax Credit

By Tom Krisher/Associated Press

DETROIT (AP) — A tax credit of up to $7,500 could be used to defray the cost of an electric vehicle under the Inflation Reduction Act now moving toward final approval in Congress.

But the auto industry is warning that the vast majority of EV purchases won’t qualify for a tax credit that large.

That’s mainly because of the bill’s requirement that, to qualify for the credit, an electric vehicle must contain a battery built in North America with minerals mined or recycled on the continent.

And those rules become more stringent over time — to the point where, in a few years, it’s possible that no EVs would qualify for the tax credit, says John Bozzella, CEO of the Alliance of Automotive Innovation, a key industry trade group.

For the complete story by the Associated Press, click here.

AP Writers Matthew Daly and Fatima Hussein contributed to this report from Washington.

For more on electric vehicles, click here and here.

IT'S BACK: The Heartland Institute's Next CAN'T MISS Climate Conference spot_img
Tom Krisher
Tom Krisher
Tom Krisher is an auto writer for The Associated Press.

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