General Motors wants the U.S. Treasury to reconsider its eligibility criteria for electric vehicle (EV) tax credits available under President Joe Biden’s recently-signed Inflation Reduction Act (IRA) — reports Yahoo Finance. The news comes after the Treasury and the Internal Revenue Service (IRS) did not classify GM’s all-electric Cadillac Lyriq as an SUV, denying it federal EV […]
The U.S. Internal Revenue Service (IRS) has invited public comments on the eligibility criteria for electric vehicle (EV) tax credits under President Joe Biden’s recently-signed Inflation Reduction Act (IRA). 💥 Make your voice heard! The period for written public comments on the IRA EV Tax Credit is open. Tax subsidies should be an even playing […]
Under U.S. President Joe Biden’s recently-signed Inflation Reduction Act (IRA), passenger electric vehicles (EVs) can qualify for a tax credit of up to $7,500 USD. The eligibility criteria for these tax credits, however, have left Tesla’s Model Y at a slight disadvantage. While the seven-seat variant of the Model Y qualifies for the federal tax credits […]
U.S. President Joe Biden signed the Inflation Reduction Act on Tuesday, including a crucial tax credit of $7,500 on electric vehicle (EV) purchases. According to Automotive News, the Biden Administration said on Tuesday that around 20 EV models will remain eligible for the $7,500 EV credit through the end of 2022. The Alliance for Automotive […]
The U.S. House of Representatives on Friday passed the Inflation Reduction Act (IRA), the largest climate bill ever passed in the country. It includes $369 billion USD in climate-related funding, part of which will cover tax credits of up to $7,500 USD for new and used electric vehicle (EV) purchases. The IRA cleared the U.S. […]
U.S. officials are considering what the extension of a tax credit could look like for zero-emission vehicles, and two senators have agreed upon new circumstances surrounding the deal. A senate deal between Chuck Schumer and Joe Manchin features the extension of tax credits for electric vehicles (EVs), according to those familiar with the matter who […]
Toyota has run out of a $7,500 tax credit available for buyers of plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs) in the U.S. — reports Automotive News. The Japanese automaker reported 3,876 plug-in sales for June, putting the company over the 200,000 credit-eligible sales every automaker is allowed in the U.S. Toyota […]
As costs for raw materials continue to increase the build price of many electric vehicles (EVs) some automakers have joined together to ask the U.S. to change its tax credit stipulations. Automakers General Motors (GM), Ford, Stellantis and Toyota all helped to urge Congress on Monday to raise the cap on the $7,500 EV tax […]
Stock prices of electric vehicle (EV) companies fell as much as 9% in Monday trading after the Senate all but killed U.S. President Joe Biden’s ‘Build Back Better’ bill, which included tax credits of up to $12,500 USD on the purchase of plug-in vehicles — reports CNBC. Startups were hit the hardest, with Lordstown Motors, […]
Heading into a meeting with U.S. President Joe Biden and Mexican President Andres Manuel Lopez Obrador on Wednesday, Canadian Prime Minister Justin Trudeau said he was “a little bit concerned” about the U.S.’s proposed increase in electric vehicle (EV) tax credits for locally assembled, union-built cars — reports Global News. “We are a little bit […]
After U.S. Democrats proposed an electric vehicle (EV) tax credit increase to $12,500 USD last month, it appears the proposal has made it into President Joe Biden’s Build Back Better plan, as congressional Democrats come to an agreement with the White House. The White House announced the almost $2 million USD social spending plan on […]
On Wednesday, the U.S. Senate Finance Committee advanced a bill that would effectively increase electric vehicle (EV) tax incentives up to $12,500 for all EVs manufactured by U.S. union workers, according to Reuters. The legislation would eliminate the current EV maximum credit of $7,500, and would only require a base price of under $80,000. The […]
