Expanding US Treasury EV Tax Credit

Cars, News I By Justin Cornelison I February 03, 2023
$7500 Tax Credit

The United States Treasury Department recently announced that it is making more models eligible for the $7,500 tax credit, which is designed to encourage consumers to purchase electric vehicles (EVs).  This credit has been in place for several years and has been instrumental in promoting the adoption of EVs by American consumers.

The tax credit is available to buyers of new EVs and is based on the size of the battery used in the vehicle.  The credit can be claimed on the buyer’s federal income tax return and is capped at $7,500 per vehicle.  Initially, the credit was only available for EVs priced at $55,000.  However, the Treasury Department has now expanded the number of models eligible for the credit to $80,000, which will make it more accessible to a wider range of consumers.

The expansion of the tax credit is seen as a positive step by many in the EV industry, as it will help to boost the popularity of these vehicles.  By making more models eligible for the credit, the Treasury Department is effectively making EVs more affordable for consumers, which should lead to an increase in sales.  This, in turn, will drive the development of new technologies and further improve the efficiency and performance of these vehicles.

The expansion of the tax credit is part of the government’s broader efforts to promote the use of EVs and reduce the country’s dependence on fossil fuels.  In addition to the tax credit, the government is also investing in charging infrastructure and offering incentives for businesses to adopt EVs in their fleets.

The Guide to Road Racing: Winding Road Magazine's ultimate guide to getting your start in racing.

Table of Contents

Related Articles

Bridgestone Recognized as Top Global Supplier by General Motors

Bridgestone was named as one of General Motors’ top global suppliers of 2023, marking the company’s ninth consecutive and 22nd overall recognition for this award. Bridgestone…

May 23, 2024
Kia EV3 Delivers Elevated Electric SUV Experience for All With Innovative Technology And Advanced Design Beyond Its Class

Kia EV3 brings innovative technology of brand’s flagship EV9 SUV to set new standards in the compact EV SUV segment Bold, progressive exterior with innovative,…

May 23, 2024
Adamastor Introduces the FURIA, the First Portuguese Supercar

PORTO, Portugal, May 14, 2024 – The history of the Portuguese car industry is filled with good examples of the significance of Portuguese entrepreneurship, the desire to…

May 14, 2024
Genesis confirms THREE Debuts for 2024 Goodwood Festival of Speed

Global, European and UK debuts from Genesis at this year’s Festival of Speed New Genesis stand to create immersive and inspiring brand experience for customers…

May 13, 2024
Building on Greatness: Redesigned Toyota Camry Goes All-Hybrid at Kentucky Plant

Ninth-Generation Camry Rolls off the Line; Showcases Commitment to Electrification and Long-Term Job Stability in the U.S. GEORGETOWN, Ky., May 8, 2024 – Team members at…

May 08, 2024

EMAIL SIGN UP

Get the latest driving and racing news straight to your inbox.

no thanks

Begin typing your search above and press return to search.