Well, its great if you actually have a tax burden of $7,500.
Oh, and certain automakers like GM, Toyota, and Tesla?
Yep, punishing companies for doing the right thing early is weird.
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So its mostly worked for years.
You buy an EV.
Later, when you file your taxes, you get a sweet credit.
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But now we need a change, and this bill does just that.
Buying an EV, you still have to pay the car payment on the full price.
This bill changes all that, and buyers get up-front credits.
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Under the climate bill, there is a tax credit of $4,000 for used EVs.
New Rules
This all sounds great.
But there are new rules.
Many of which really are to reduce the wealthy from using these credits to buy $150,000 EVs.
Youre rich; you have fancy accountants to help you figure out how to save money.
For joint filers, the cap is $300,000.
For used-vehicle purchases, the cap drops to $75,000 and $150,000, respectively.
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The cost of the vehicle now matters as well.
Im Just a Bill
Weve likely all seen the Schoolhouse Rock Im Just a Bill cartoon.
Thats what has to happen right now.
Hopefully for the better, but thats not usually how these things work, unfortunately.
Or at least thats what Ive been led to believe by Schoolhouse Rock.
Thats got to be a reason for someone to party somewhere.
