These EVs now qualify for tax credits under new inflation law

These EVs now qualify for tax credits under new inflation law

President Biden's signing of the Inflation Reduction Act is changing the landscape for Americans interested in buying an electric vehicle. The law replaces a previous tax break for EVs with a new set of credits, although that depends on where a car is assembled.

The manufacturing requirements are effective as of August 16, the day the bill became law. Other restrictions, including strict limits on where batteries can be mined and assembled, kick in starting in 2023 and ramp up in future years. Here's what you should know if you're shopping for an an EV.

Eligible cars and SUVs

The Energy Department has released a list of car models that are likely eligible for the credit. To know for sure if a vehicle qualifies, motorists should check using their car's Vehicle Identification Number in the VIN decoder, the agency said.

 

"[S]ome models are produced in multiple locations," and that location can also vary for different model years or trim levels for the same vehicle, according to the government. 

2022 models that likely qualify for a tax credit under the Inflation Reduction Act

  • BMW 330e and X5
  • Chrysler Pacifica PHEV
  • Ford F Series
  • Ford Escape PHEV and Mustang MACH E 
  • Ford Transit Van
  • Jeep Grand Cherokee PHEV and Jeep Wrangler PHEV
  • Lincoln Aviator PHEV and Corsair Plug-in
  • Lucid Air
  • Nissan Leaf
  • Rivian EDV, R1S and R1T
  • Volvo S60

2023 models that likely qualify:

 

 

 

 

 

 

 

 

 
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