EV Tax Credit Increase Still in National Budget
Oct. 29, 2021—Though seeing a significant reduction in scope and funding, Joe Biden's multitrillion-dollar spending bill still includes a significant increase in EV tax credits.
According to a report from Road Show, the nearly $2 trillion spending bill includes a provision to bump federal tax credits for EVs from $7,500 to $12,500. In order to qualify for the boost, customers will need to purchase an EV that was mad in the U.S. with union labor.
There is the potential for a few other provisions to be added to the credit, but details for the budget have not yet been made available.