The $7,500 clean vehicle credit for new electric vehicles would no longer be limited to manufacturers who have sold under 200,000 electric vehicles. The proposal would benefit carmakers, such as, that have already sold 200,000 vehicles and would allow them able to cut the price of their vehicles for customers under this wider tax credit.
The tax credit would be limited to individual filers who make $150,000 per year or less and joint filers who make a combined $300,000 a year or less. The credit is also limited to SUVs, pickup trucks, and vans with a manufacturer suggested retail price of $80,000 or less and a limited MSRP of $55,000 for all other cars.
The provision is included in the newly proposed Inflation Reduction Act of 2022, which calls for new spending on energy and healthcare while also attempting to bring down the national debt, according to Manchin.
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