Bloomberg Tax
June 14, 2022, 10:05 AM

HILL TAX BRIEFING: Carmakers Ask Congress to End EV Credit Limit

Alex Clearfield
Alex Clearfield
Content Editor

The CEOs of General Motors, Ford, Stellantis and Toyota urged congressional leaders to lift the manufacturer limit on the $7,500 electric vehicle tax credit.

Electric vehicle manufacturers are subject to a 200,000 vehicle cap. Once that threshold is hit, the federal tax credit begins to phase out.

“Our four companies have pledged to invest over $170 billion through 2030 to bolster electrified vehicles’ development, production and sales,” the letter said. “This includes near-term investments over $20 billion in US manufacturing. Eliminating the cap will incentivize consumer adoption of future electrified options and ...