The Treasury Department said Friday it is making more electric vehicles — including SUVs made by Tesla, Ford and General Motors — eligible for tax credits of up to $7,500 under new vehicle classification definitions.
The revised standards for EV tax credits follow lobbying by automakers that had pressed the Biden administration to change vehicle definitions to allow higher priced vehicles to qualify for a maximum tax credit. Tesla CEOUnder the sweeping climate law approved last summer,
Ford and market leader Tesla both said in recent weeks that they are cutting prices on some EV models, including the Tesla Model 3 and Model Y and the Ford Mustang Mach-E, in part to qualify for the new federal tax credit and spur buyer interest.the Inflation Reduction Act, which Congress approved in August
The Treasury Department said Friday that it hopes to make it easier for consumers to know which vehicles qualify for the credit. Under the revised rule, vehicle classifications will be determined by a consumer-facing fuel economy labeling standard, rather than a more complicated formula set by the Environmental Protection Agency, Treasury said.
The decision raises the retail price cap for tax credits to $80,000 for GM’s Cadillac Lyriq, Tesla’s five-seat Model Y, Volkswagen’s ID.4 and Ford's Mustang Mach-E and Escape plug-in hybrid. Landrieu oversees federal spending on infrastructure, which includes financial help for the EV industry, while Podesta is Biden's point man on implementing the climate law.
“A very good decision that clears up some EV tax credit confusion and instantly helps customers shopping today and tomorrow for an electric crossover or SUV,” Bozzella said Friday.
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Treasury makes more electric SUVs eligible for tax creditsThe Treasury Department said Friday it is making more electric vehicles — including SUVs made by Tesla, Ford and General Motors — eligible for tax credits of up to $7,500 under new vehicle classification definitions
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Treasury makes more electric SUVs eligible for tax creditsThe revised standards for EV tax credits follow lobbying by automakers that had pressed...
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Treasury makes more electric SUVs eligible for tax creditsWASHINGTON (AP) — The Treasury Department said Friday it is making more electric vehicles — including SUVs made by Tesla, Ford and General Motors — eligible for tax credits of up to $7,500 under new vehicle classification definitions.
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Treasury makes more electric SUVs eligible for tax creditsThe Treasury Department said Friday it is making more electric vehicles — including SUVs made by Tesla, Ford and General Motors — eligible for tax credits of up to $7,500 under new vehicle classification definitions.
Les mer »
Treasury makes more electric SUVs eligible for tax creditsThe Treasury Department said Friday it is making more electric vehicles - including SUVs made by Tesla, Ford and General Motors - eligible for tax credits of up to $7,500 under new vehicle classification definitions.
Les mer »
Treasury makes more electric SUVs eligible for tax creditsThe Treasury Department said Friday it is making more electric vehicles — including SUVs made by Tesla, Ford and General Motors — eligible for tax credits of up to $7,500 under new vehicle classification definitions.
Les mer »