Most electric vehicles won't qualify for federal tax credit

FILE - A sales associate talks with a prospective buyer of a Cooper SE electric vehicle on the showroom floor of a Mini dealership July 7, 2022, in Highlands Ranch, Colo. The surprise deal by Senate Democrats on a pared-down bill to support families, boost infrastructure and fight climate change is likely to jump start sales of electric vehicles.

The idea behind the requirement is to incentivize domestic manufacturing and mining, build a robust battery supply chain in North America and lessen the industry's dependence on overseas supply chains that could be subject to disruptions. If the metals requirement isn't met, the automaker and its buyers would be eligible for half the tax credit, $3,750.

There’s also a new $4,000 credit for buyers of used EVs, a provision that could help modest-income households go electric. “I went round-and-round with Senator Manchin, who frankly didn’t support any credit of any kind, so this is a compromise,” Stabenow told reporters Monday. “We’ll work through it and make this as good as we can for our automakers.”with Senate Majority Leader Chuck Schumer, had blocked previous climate and social spending proposals.

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Most Electric Vehicles Won't Qualify for the Tax Credit in the Inflation Reduction ActThe Inflation Reduction Act requires that an EV must contain a battery built in North America with minerals mined or recycled on the continent to qualify for the $7,500 tax credit. And those rules become more stringent over time. No way lol For starters, here are the ones eligible and this legislation is long term so carmakers would be behooved to provide the qualifying e-cars “ some versions of Tesla’s Model Y SUV and Model 3 car, the Chevrolet Bolt car and SUV and the Ford Mustang Mach E You can’t make this shit up.
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