US Govt Revises Electric Vehicle Tax Credit: Boost to Tesla and Other EVs

By Tech Tudum

1. The department will use the EPA’s Fuel Economy Labeling standard, rather than the CAFE standard, to determine vehicle eligibility.

2. This could clear up confusion around the $7,500 tax credit.

3. Crossover vehicles that share similar features will be treated consistently.

4. The classification of vehicles will be aligned with the vehicle label and website.

5. Vehicles purchased after January 1, 2023, can now claim the credit if they meet IRA requirements.

6. The Alliance for Automotive Innovation had requested self-certification based on marketing.

7. The updated classification is considered good news for American drivers and will make tax credits more accessible.