How much is the tax credit for EVs?

June 28th, 2021 by

US Advances New $10,000+ Tax Credit

Here at CrossPointe Motor Cars in Winchester, VA, we’re excited to see how electric vehicles evolve over the next couple of years. One of the perks for EV adopters currently is the $7,500 tax credit. However, a new tax credit was just approved.

How much is the new tax credit for EVs?

$100 bills in a pile

New EV Tax Credit Introduced

In May 2021, a US Senate panel passed the Clean Energy for America bill which increased the EV tax credit up to $12,500 for American-assembled EVs produced by union workers. This would help companies like Chevy, who qualify for the new criteria, but had passed the old 20,000-units-sold threshold.

What does PHEV stand for?

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Posted in Electric Vehicles