You are currently viewing Democrats’ Bill Would Allow Auto Dealers To Claim Clean Vehicle Tax Credits

The recently proposed Congressional Inflation Reduction Act of 2022 includes significant changes relating to electric vehicle tax credits. The proposal not only extends the electric vehicle credit, but also removes the current phaseout of the credit for auto manufacturers making more than 200,000 electric vehicles and puts in place income limitations for taxpayers claiming the credit.

Even though Senator Joe Manchin was originally opposed to extending the credit, the denial of the credit based on taxable income limitations and the promotion of domestic assembly of clean vehicles, along with mineral and battery components, to be sourced from North America, ultimately resulted in his support.

But what may be most surprising for individuals and auto dealerships, are the options on how the individual may claim the credit. Depending on the auto dealership that is chosen, an individual may not have to wait until the filing of

Keep reading this article on Forbes Business.

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