End of Double Subsidies for Electric Vehicles: Tax Credit Changes.
This bill aims to reduce tax credits for new electric vehicle purchases. If you receive financial assistance from your state for an electric vehicle, the federal tax credit will be lowered accordingly. This means the total support for electric vehicles might be less than before.
Key points
Federal tax credit for electric vehicles will be reduced by the amount of state-level subsidies received.
State subsidies include tax credits, grants, loans, rebates, and vehicle license tax discounts.
These changes apply to vehicles placed in service after the bill becomes law.
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