View Single Post
Old 11-22-2022, 01:06 AM   #35 (permalink)
JSH
AKA - Jason
 
JSH's Avatar
 
Join Date: May 2009
Location: PDX
Posts: 3,479

Adventure Seeker - '04 Chevy Astro - Campervan
90 day: 17.3 mpg (US)
Thanks: 306
Thanked 2,051 Times in 1,385 Posts
Quote:
Originally Posted by redpoint5 View Post
This retains the battery capacity provisions of the previous subsidy?

Looks like it's non-refundable, just like the last subsidy, so it favors the wealthy.

Nice to see US manufacturers are no longer penalized for having met their credit limits. A subsidy to the wealth is still dumb though, especially when there's no plan to describe how these massive subsidies will substantially reduce CO2 emissions and how that justifies the spending (or lack of collection, which is essentially the same thing).
The value no longer varies based on size - anything over 7 kWh gets the credit. The credit is split into two parts:

$3750 of the credit is based on battery assembly. It must be assembled in North America and 50% of the components (by dollar) must be sourced from within North America. That content requirement increases gradually until it hits $100% in 2029.

$3750 of the credit is based on battery minerals. In 2023 40% of the minerals must be sourced OR processed in North America or countries the USA has a free trade agreement. That increases to 80% by 2027

The tax credit is still technically non-refundable but starting in 2024 you can choose to transfer the credit to the dealer and they are required to take the full credit off the purchase price as a point-of-sale rebate. So starting in 2024 buyers no longer have to finance the full amount, wait to get reimbursed, and have the credit dependent on their income. Similar to the current lease loophole but the dealer must give the buyer the full value of the credit.

There is also a cap on the price of the EV. $55K for cars / $80K for trucks or SUVs.

Max GVWR for the credit is 14,000 lbs.

Income limits are $150K single filer / $300K joint filer

There is also a $4000 credit for used EVs. The car must be purchased from a dealer, cost less than $25,000, and be more than 2 years old. Income limits for the used credit are $75K single / 150K joint

There are no caps on the number of new or used credits but the program expires at the end of 2032.
  Reply With Quote