BBefore we move any further, we need to know exactly what a file is Inflation reduction lawIn fact. It was a bill signed earlier in August by President Joe BidenIt seeks to shape the future of the American economy to help the working class. One of the main provisions related to this topic is the tax breaks that people will get to make eco-friendly purchases.
This obviously includes electric cars, but not all of them will be part of this package for one specific reason. People who purchase an electric vehicle, hybrid vehicle, or hydrogen fuel cell vehicle will benefit from a tax credit of up to $7,500 depending on the type of battery the vehicle has.
What vehicles are applicable to this tax credit?
There are a large number of cars that apply for this tax credit under the Inflation Reduction Act, and most of them are American-made. But there are also a number of cars that do not apply to this tax deduction for one specific reason. Those vehicles that do not apply are those that have exceeded the sales cap currently allowed by a previous law.
This means that no Tesla qualifies for this tax credit, and not the Chevrolet Bolt EV and EUV, nor the GMC Hummer PIckup and SUV. Toyota electric vehicles are not specified by the agency, which means they are currently in a state of uncertainty when it comes to this tax credit. We encourage you to ask the company, they should already have this information publicly available.
New model cars such as DeLorean EVs still do not qualify for the tax credit but will be evaluated once they reach the US market. This also applies to any other EV concept that has already been revealed or announced to be on the market sometime within the next five years.
2022 Forms likely to qualify for a tax credit under the Inflation Reduction Act:
- BMW 330e and X5
- Chrysler Pacifica PHEV
- Ford F . series
- Ford Escape PHEV and Mustang MACH E.
- Ford Transit Van
- Jeep Grand Cherokee PHEV and Jeep Wrangler PHEV
- Lincoln Aviator PHEV and Corsair Plug-in
- Lucid Air
- Nissan Leaf
- Rivian EDV, R1S and R1T
- Volvo S60
2023 models likely to qualify:
- BMW 330e
- Mercedes EQS SUV
- Nissan Leaf
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