The bill would limit tax credits to vehicles with a retail price below $80,000 to qualify for the tax credits. The current maximum tax credit is $7,500 with no maximum price and currently phases out for individual automakers once they hit 200,000 total EVs sold. Both General Motors and Tesla have hit the cap and currently do not qualify for the $7,500 tax credit. It has numerous other green energy tax incentives and would rescind or cut many fossil fuel tax provisions. The EV incentives are estimated to cost $31.6 billion through 2031, according to a congressional estimate.

Source: The Edge Markets May 27, 2021 02:48 UTC