This is good news for EV manufacturers like GM, Toyota, and some car buyers.
, the proposed bill will introduce new tax credits with differing amounts, restrictions, and so forth as compared to the current crop of credits. Essentially, there will be a two-tier cap arrangement: Trucks and SUVs with an MSRP of less than $80,000 will be eligible, as will cars with an MSRP of $55,000 or less. Those applying for the tax credit will need to have an adjusted gross income of less than $300,000.
There will also be credits, loans, and new requirements concerning manufacturing of said EVs, including $20 billion in loans to build EV manufacturing facilities. There will even be increased funding to allow the USPS to buy additional EV vehicles, and for additional public EV charging stations. While less than President Biden had hoped for—this is but a tiny fraction of what his ambitious climate bill had originally sought—, who had scuttled negotiations just a few weeks ago. A vote is proposed next week in the Senate, and after that it'll go to the House. We'll know more about what to actually expect when a bill lands on the President's desk. Until then, automakers and consumers will just have to be patient while the process unfolds.
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