The electric vehicle tax credit in the Build Back Better bill has raised its price ceiling for vans, SUVs, and pickup trucks to $80,000, up from $64,000, $69,000, and $74,000, respectively.
The income levels necessary to be eligible for the credit have gone down. If one’s individual income is above $250,000 or their household income exceeds $500,000, they no longer qualify for the incentive. This is down from $400,000 and $800,000. The $55,000 cap for sedans has stayed where it is, effectively making smaller, more expensive cars less attractive from an incentives standpoint.
Non-unionized domestic automakers like Tesla and Rivian are upset and a company like Lucid, which isn’t unionized and makes no vehicles besides sedans above $55,000, would currently receive little if any of the credit despite being an American company building EVs in Arizona.
Read the article at The Drive.
