It appears the new Inflation Reduction Act of 2022 will include an amended version of the EV tax credit. While the limitation on number of vehicles has been eliminated in the bill, there is both an income limitation ($300,000 married filing joint, $150,000 single) and an MSRP limitation ($80,000 for both pickups and SUVs). Imagine this won't help most folks in the market for a Hummer EV.
Frankly I don't see how anything in this bill would reduce inflation. It's mostly an energy bill, with $370 million in spending on energy alone. A couple of tax provisions and health care subsidies as well.
It is a vote buying bill, with midterms coming up.
Tax credits for EVs are not needed, currently there are no EVs in stock, they are going like hotcakes, especially Teslas. The issue is supply, not demand. This is not needed to accelerate adoption.
I like leveling the playing field for GM, Ford, and Tesla, the old tax credit that mostly benefited foreign made EV's while most North American made EV's did not get a credit was wrong. They could have killed the whole rebate program for EV' and that would have been fine with me, but compared to the way it was, this is better.
I don't understand there not being a scale to the credits and just a hard upper cutoff sucks. If you were to buy the mythical "$30k EV", then the credit is 13% of your MSRP. If you manage to buy a $79,999 pickup, you get 5%. If your MSRP goes up a dollar from that...no credit, 0%. Same with the income limits, sure the people at $150k single/$300k joint aren't hurting for money, but if you make $149,999.99 and buy a $79,999 pickup you get $4k in credit, make a cent more? Nada. Someone that made a cent less than you just "made" another $4k that you didn't. Anyway, it should just be a everyone gets it or no one does, no gaming your transactions to some arbitrary number.
If you make it a 5% of the purchase price of the vehicle THEN a MSRP limit makes sense, but not both a fixed credit AND a hard price cap.