With the new proposed tax credit elimination in the CEAA (Clean Energy Act for America), more sales of electrical vehicles will happen. The manufacturer sales cap phaseout at 200,000 EVs sold will be eliminated if the new legislation is passed. This would allow buyers of Tesla and GM electrical vehicles who purchased them after May 24th, 2021 able to apply the tax credit on their 2021 tax return.
To be eligible for this tax credit, your EV must meet a few expectations, including: MSRP must be less than $80,000 and must be a non-Chinese-made vehicles. These become effective January 1st, 2022. This tax credit also becomes refundable. These things make it more worthwhile for people to get an electric vehicle. Experts predict sales to skyrocket if this new legislation is passed.
This increase in sales would mean an increased need for charging stations. More places will need to install chargers to keep up with EV sales as the demand for easily accessible charging stations increases.
Click here to read the full article published on August 18th, 2021 on EVAdoptable.
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