US Tax Credit Supports Gassers Over Tesla Model Y, Ford Mustang Mach-E via insideevs.com
With all of that said, the new tax credit that comes as part of the Biden Administration's Inflation Reduction Act provides the full $7,500 credit for qualifying PHEVs just the same as it does for qualifying EVs. While this already seemed like a bad idea to many green-friendly advocates, it's even worse now that we've learned which vehicles qualify.
There are a whole lot of specifics in the new credit's language and rules, some of which aren't even completely hashed out. We could go into all the details, but there's really no need. Instead, simply pointing out the reality is all that should be needed to shed light on the problem with the IRA EV tax credit.can only cost up to $80,000 to qualify for the $7,500 credit. If a vehicle isn't a truck, van, or SUV, it's categorized as"other," and has a $55,000 cap.
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