What electric cars qualify for a US tax credit?

Washington As part of the new Climate, Tax, and Health Act, the US government is launching its plan to offer new tax credits to electric car buyers.

Several new websites were launched Tuesday to help people determine which vehicles are eligible for those credits.

Based on data submitted to the National Highway Traffic Safety Administration (NHTSA), at least 31 new model years 2022 and 2023 qualify for the tax credit..

For starters, they must be made in North America to be eligible.

president Joe Biden signed a climate change bill on Tuesday and medical care. In whichIt includes a tax credit of up to $7,500 that can be used to finance the purchase of an electric car.

Models include the 2022 Ford F-Series electric pickup, BMW X5, Nissan Leaf, Chevrolet Bolt, Jeep Wrangler plug-in hybrid and all four Tesla models.

But some models may exceed price limits set in the complex law, and it remains to be seen whether automakers will be able to find metals or make batteries eligible for the credits.

Consumers can enter the site https://vpic.nhtsa.dot.gov/decoder/ And enter the 17-digit Vehicle Identification Number of the vehicle they wish to purchase To make sure it’s made in the US, Canada or Mexico.

The Treasury Department also published a frequently asked questions page about the provisions of the new law.

As of Tuesday, the tax credits will not apply to vehicles assembled outside the United States, Canada or Mexico. But people who signed contracts to buy electric cars before Tuesday will be able to get the credits.

The rest of the law’s provisions related to electric vehicles will come into effect from January 1.

A Treasury official told reporters Tuesday that the plan puts 2030 climate goals within reach and will help ensure Americans can buy an electric vehicle.

Passing that measure prompted automakers to speed up the task of finding North American-made batteries and batteries from the United States, Canada or Mexico to ensure that electric cars would be eligible for credit.

Although automakers have been advertising battery plants in the United States and trying to secure the nation’s supply of minerals, a major industry trade association has warned that the vast majority of electric vehicles now sold in the United States will not qualify. In the inflation reduction law.

“We are working overtime to localize our supply chains and increase production,” Chris Smith, Ford’s director of government affairs, said in a statement.

Leave a Comment