IRS Changes EV Tax Credit Vehicle Classifications: Here's The New List Of Qualifying Cars | Carscoops carscoops
Consumers and automakers have succeeded in convincing the U.S. Treasury Department to reassess how it classifies electric vehicles for the purposes of applying tax credits. That means, for example, that all Tesla Model Ys are now considered SUVs and qualify for $7,500 in incentives, not just the rare three-row version.
“To make it easier for consumers to know which vehicles qualify under the applicable MSRP cap, Treasury is updating the vehicle classification standard to use theFuel Economy Labeling standard, rather than the EPA CAFE standard,” the department wrote in a press release today. “This change will allow crossover vehicles that share similar features to be treated consistently.”
The Treasury raised eyebrows on December 29 when it revealed which vehicles would and would not qualify for credits under expanded legislation proposed in the Inflation Reduction Act. Eagle-eyed consumers noticed that the Internal Revenue Service’s
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