What new tax credit rules will mean if you're shopping for an EV:
Another change is that the amount of the tax credit does not depend on battery size. If your EV or plug-in hybrid has a battery capacity of at least 7.0 kilowatt-hours, you can get the full $7500 stipend. For the first time, used vehicles are eligible when purchased from a dealer. They now get a credit of up to 30 percent, with a $4000 maximum. The pre-owned EV or plug-in hybrid must cost no more than $25,000 and be at least two model years old.
To promote local battery assembly, the other $3750 is based on a requirement that a minimum of 50 percent of the value of the battery components be manufactured or assembled in North America. This bogey escalates gradually to 100 percent in 2029. Overall, these new "clean vehicle" credit provisions are a mixed bag of industrial policy, social engineering, and EV promotion. Encouraging truck purchases by giving them a higher price cap hardly makes sense when trucks use more electricity, sourced mostly from CO2-generating power plants. But the domestic automakers are overwhelmingly truck-heavy, so this is another sop to them.
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