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

June 14, 2022, 10:05 AM

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 ...