The Electric Vehicle Tax Credit
July 1, 2022
The electric vehicle (EV) tax credit begins to phase out when 200,000 of a manufacturer’s qualifying vehicles have been sold. But automakers are telling Congress, not so fast! In a letter, GM, Ford, Chrysler and Toyota asked Congressional leaders to give all electric car and light truck buyers a tax credit of up to $7,500. The group says that lifting the limit would give buyers more choices, encourage greater EV adoption and provide stability to autoworkers. Already, GM and Tesla have run out of credits and Toyota is close. As the carmakers stated, they believe “a sunset date set for a time when the EV market is more mature” makes good economic and environmental sense.
Meet the Expert
Chris Powers, CPA
Chris helps her clients confidently navigate tricky tax laws and complex regulatory challenges.
Do You Owe a “Nanny Tax” For Your Household Worker?
Did you employ a household worker in 2021? This could...
Cryptocurrency vs. NFTs From a Tax Perspective
Cryptocurrency and nonfungible tokens (NFTs) are far from interchangeable from...