The Schumer-Manchin tax bill’s rich electric-vehicle subsidies are a boon for auto makers, but they come with a hitch: It’s unlikely any electric vehicle on the market today would qualify for the $7,500 tax credit because of conditions in the bill on material manufacturing. This will be one policy where Democratic promises of permitting reform meet the road.
The bill removes the current cap of 200,000 electric vehicles per manufacturer that can receive the credits and imposes an income limit of $225,000 for individuals. It also establishes a price limit to qualify for vans, SUVs and pickups ($80,000) and sedans ($55,000). What a relief that taxpayers won’t be subsidizing electric Porsches for millionaires.
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