Reducing EV Tax Credit by State Subsidies.
This bill aims to reduce the federal tax credit for new electric vehicles. If you receive a subsidy or other financial assistance from your state for purchasing such a vehicle, the federal credit will be lowered by that amount. This means the total support for electric vehicles might be less than before.
Key points
The federal tax credit for electric vehicles will be reduced by any state subsidies or benefits received.
State subsidies include tax credits, grants, loans, rebates, and vehicle license tax discounts.
These changes will apply to vehicles placed in service after the bill becomes law.
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