Biden To Sign New Green Energy Bill Today

Yahoo/Reuters headline: Biden to sign law on Tuesday cutting most current EV credits
David Shepardson
Mon, August 15, 2022 at 4:31 PM·2 min read…

The Alliance for Automotive Innovation, a trade group representing Volkswagen, General Motors Co, Toyota Motor and Ford Motor among others, said earlier the law would make 70% of 72 U.S. electric, plug-in hybrid and fuel-cell EVs that currently qualify ineligible upon Biden’s signing.

On Jan. 1, when the bill’s new income and price caps and battery and critical mineral sourcing rules take effect, “none would qualify for the full credit when additional sourcing requirements go into effect,” the group added.

An estimate from the Congressional Budget Office forecasts 11,000 new EVs will receive tax credits in 2023 assuming $7,500 per vehicle.