In the name of environmental justice, the Biden administration desires to give the federal government an outsized role in the production and sale of electric vehicles (EVs) and battery-powered cars.https://950b0d8ab4c1c97f6bf23a6890fa116b.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html
The $1.75 trillion spending and tax bill, better known as the Build Back Better Act of 2021, is currently making its way through Congress and contains a provision to bolster the existing EV tax credit from $7,500 to $12,500. The current tax credit is non-refundable. The “Made-in-America” update, if adopted into law, would be refundable as a tax write-off or a cash rebate. It promises to “lower the cost of an electric vehicle that is made in America with American materials and union labor.”
If the beefier EV tax credit sounds too good to be true, it is.
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