The Schumer-Manchin tax invoice’s wealthy electric-vehicle subsidies are a boon for auto makers, however they arrive with a hitch: It’s unlikely any electrical automobile available on the market at present would qualify for the $7,500 tax credit score due to situations within the invoice on materials manufacturing. This will probably be one coverage the place Democratic guarantees of allowing reform meet the highway.
The invoice removes the present cap of 200,000 electrical autos per producer that may obtain the credit and imposes an earnings restrict of $225,000 for people. It additionally establishes a value restrict to qualify for vans, SUVs and pickups ($80,000) and sedans ($55,000). What a reduction that taxpayers gained’t be subsidizing electrical Porsches for millionaires.
