Tech Insights - US Senate Passes 'Inflation Reduction Act of 2022' Economic Package
The US Senate has passed the Inflation Reduction Act of 2022, which contains huge updates to the US EV (Electric Vehicle) tax credit. The House of Representatives is expected to pass the Inflation Reduction Act on Friday, with President Biden signing it into law on the same day. With the Senate being the high bar to clear, it should easily pass the remaining two steps. As part of this package, significant incentives are included that aim to stimulate consumers' ability to purchase electric vehicles.
The electric vehicle tax credit, starting in January 2023, provides consumers with a $7,500 tax relief for the purchase of a qualifying EV and will do so until the end of 2032. As a renewal of the existing tax credit, which previously had a cap of 200,000 cars per manufacturer, this revitalisation will enable manufacturers, such as Tesla and General Motors, to once again be eligible for the incentive. With this iteration of the tax credit, manufacturers will have access to unlimited credits, provided that they fulfil the other requirements of the bill. These additional criteria will eventually include that the assembly of the vehicle occurs in North America; that materials and ‘critical minerals’ in the battery must come from either the US, or from a country with free trade agreements with the US; that vehicles must have an MSRP (Manufacturer’s Suggested Retail Price) of under $55,000 for cars, and under $80,000 for SUVs, vans and trucks; and that the vehicle has a battery with over 7kWh capacity.
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