Improved and Elusive: Upcoming Changes to the EV Tax Incentive
The EV tax credit is about to get better, and also harder to findThe federal tax credit for electric vehicles is about to change in one particular way that will make it far more attractive to buyers.
Vehicles qualify for a $3,500 credit if the automakers follow certain guidelines on where they source battery materials, and another $3,500 provided they stick to similar rules for battery components.
As a result, General Motors said this week only its Chevy Bolt will qualify for the full tax credit starting January 1.
Ford, meanwhile, said only its F-150 Lightning will qualify for the full $7,500 credit.
The Lincoln Corsair Grand Touring SUV will be eligible for half of the credit, while the Mustang Mach-E, Lincoln Aviator Grand Touring plug-in hybrid and E-Transit van won’t.
