The U.S. Treasury Department will now allow electric vehicles that are leased to qualify starting Jan. 1 for up to $7,500 in clean vehicle tax credits.
The law allows for a conditional $4,000 tax credit for used EVs, the first time that previously owned EVs can earn some tax relief, and $7,500 for new options that qualify.The law allows for a conditional $4,000 tax credit for used EVs, the first time that previously owned EVs can earn some tax relief, and $7,500 for new options that qualify.
South Korea, home to Hyundai 005380 and Kia 000270 , European makers, including Volkswagen VOW and Audi, and Japan, with Nissan 7201 and others, had been pushing for approval to use the commercial EV tax credit to boost consumer access to their offerings. Automakers had argued the credit could be used to reduce leasing prices, which ultimately could get more drivers into EVs and help the U.S. and the rest of the developed world hit ambitious targets to halve greenhouse gas emissions by 2030.
The law also restricts battery minerals and component sourcing, sets income and price caps for qualifying vehicles and seeks to phase out Chinese battery minerals or components. The credits come with income caps as well: Individual tax filers must have income below $75,000 to be eligible for the credit.
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