The new law, passed with only Democratic votes in the House and Senate, contains lots of new rules that do not all take effect at the same time.
Those calculations — and a host of others pertaining to the red-hot electric vehicle market — come courtesy of an energy, tax and health care law that President Joe Biden signed Tuesday. It includes more than $370 billion in spending and tax incentives meant to address climate change, largely by encouraging people, businesses and electric utilities to reduce their use of fossil fuels.
Only 21 car and truck models, including three from Rivian and a half-dozen from under the Ford umbrella, for 2022 and 2023 are eligible to receive the credit if buyers snag them after Tuesday but before the end of the year. The Energy Department released a list of vehicles that probably still qualify.Starting next year, there will be limits on how much a qualifying vehicle can cost, and how much income an individual or household can earn to be eligible for the credit.
Second, the income limits are an effort to keep relatively high earners from benefiting from the government incentives. Tesla’s fast-growing sales in recent years have demonstrated that buyers of luxury cars are willing to spend tens of thousands of dollars on electric cars that are not eligible for tax credits.
— If you ordered a qualifying electric vehicle before Tuesday and it hasn’t yet arrived at the dealer, you can most likely still claim the credit, provided you entered into a “written binding contract.” The Internal Revenue Service has said that could be as simple as having put down a nonrefundable deposit.
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