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🦧 going ev?
😳 the tax credit that you probs can’t get
it was less than six weeks ago when i got excited about the inflation reduction act
signed into law in august, the law is intended to reduce us’ emissions by 40% below 2005 levels
this may limit warming to 1.5 degrees celsius
$350b+ are expected to be poured into climate chane and clean energy initiatives
one area of the law that excites me – ev tax credits
but i remain doubtful
qualifying for the tax credit, arguably, is harder than buying an electric vehicle itself!
first off: check where it’s assembled
“china, that’s where things are made these days” – says a good ol’ line from The Office way back, but the new law does not like that
as of 8/16/2022, a purchase of a new model-year ev or phev, to require for the tax credit, has be for a vehicle assembled in north america
one way to check is to use this vin decoder tool, and yes, i agree, it’s not the prettiest or comfiest interface…
it’s not over though: probs wait till jan-2023
there's a cap, meaning that for a number of brands, upto 200k vehicles are eligible for the credits
after that, the credit would drop by 50% and zero for the rest
notably, for that reason, gm and tesla cars being made, as of writing, do not even qualify for the clean vehicle credit
oh, and battery too
where the battery is manufactured and where the battery materials are coming from
you guessed it – has to be “not foreign”
there’s more – income cap, sticker price cap, etc.