The recent legislation approved by Congress will end federal tax credits for buying or leasing electric vehicles effective September 30, 2023. Since 2008, these tax credits, amounting to $7,500 for new EVs and $4,000 for used, encouraged EV sales. While EVs present long-term savings and environmental benefits, the removal of incentives raises concerns about the U.S. EV market competitiveness. The Electrification Coalition argues this move allows other markets, particularly China, to advance in EV development, leaving America reliant on oil and critical minerals from abroad.
Buying or leasing electric vehicles will no longer include a federal tax credit after September 30, following the approval of new legislation by Congress.
Since 2008, purchasing an electric vehicle has come with a $7,500 federal tax credit, which has now been eliminated.
The Electrification Coalition warns that the new bill will harm the American EV market, ceding a competitive advantage to countries like China.
Anne Blair stated that the loss of a competitive U.S. EV industry will lead to dependency on unstable oil markets and reliance on China for critical minerals.
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