The Electric CARS Act of 2021 has been introduced for the current Congress that would replace the 200k per-manufacturer cap with a 10-year end date, so any EV acquired after December 31, 2020 would get the full $7500 tax credit. And for those without that full $7500 tax liability can carryforward the credit over the next 5 years or even apply it at time of sale in some cases.
A bill to amend the Internal Revenue Code of 1986 to extend certain tax credits related to electric cars, and for other purposes. (S. 395) No text on that site yet, but you can get an early copy from the sponsor.
The bill might seem familiar as it was introduced in 2014, 2018 (Senate and House), 2019 (Senate and House), and all previous attempts have died, so unclear if this time it'll be different in 2021. You can follow the links to see previous press releases and explanations, e.g., Welch 2019 and Rosen 2019.
The approach in this bill with the removal of per-manufacturer cap is likely better than the GREEN Act, which increases the cap to 600k with special date-of-enactment counting, as it forces manufacturers to compete against each other instead of allowing them to artificially inflate EV prices to capture the credit for themselves. If you agree with that, people in the US should write to their senators to support S. 395 / Electric CARS Act of 2021.
A bill to amend the Internal Revenue Code of 1986 to extend certain tax credits related to electric cars, and for other purposes. (S. 395) No text on that site yet, but you can get an early copy from the sponsor.
The bill might seem familiar as it was introduced in 2014, 2018 (Senate and House), 2019 (Senate and House), and all previous attempts have died, so unclear if this time it'll be different in 2021. You can follow the links to see previous press releases and explanations, e.g., Welch 2019 and Rosen 2019.
The approach in this bill with the removal of per-manufacturer cap is likely better than the GREEN Act, which increases the cap to 600k with special date-of-enactment counting, as it forces manufacturers to compete against each other instead of allowing them to artificially inflate EV prices to capture the credit for themselves. If you agree with that, people in the US should write to their senators to support S. 395 / Electric CARS Act of 2021.
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