The Biden Administration has expanded the number of electric vehicles that will qualify for a tax credit. See potential bias and similarities in coverage from FoxBusiness, Reuters, and Bloomberg:
which enables consumers who purchase a qualifying SUV for $80,000 or less, or a passenger car for $55,000 or less to receive a $7,500 tax credit. Vehicles purchased after Jan. 1.The move comes after prolonged pressure from auto industry manufacturers and lobbyists who believed the IRA’s initial definition of SUVs was inconsistent with how other federal agencies defined them.
However the Treasury Department says guidance on these requirements, which will likely disqualify many vehicles, will not be issued until March.Prior to the changes, Tesla CEO Elon Musk had called the EV tax rules “messed up”. John Bozzella, president of Washington-based trade group Alliance for Automotive Innovation, called the changes “a very good decision” that “helps customers”.
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