Ford Authority

Ford EVs Would Be Eligible For Tax Credits Until 2032 Under New Deal

Ford – along with most other automakers – has been pushing for new EV tax credits for some time now, a call that seems more urgent as the automaker approaches the current cap of having sold 200,000 units, which it expects to reach by the end of this year or early next year. Lawmakers have been debating this topic for months as well, and now, the U.S. Senate has concocted a new bill that will reform the existing $7,500 tax credit and keep Ford EVs – along with other automakers at or over the current cap – eligible for tax credits through the end of 2032, according to Reuters.

This new bill is part of the Inflation Reduction Act of 2022, or the Democrat’s “reconciliation bill,” and comes about as a joint effort between Senate Majority Leader Chuck Schumer and Democratic Senator Joe Manchin. The bill calls for an expansion of the existing $7,500 tax credit, as well as $10 billion set aside for clean-technology manufacturing facilities, a $4,000 tax credit for used EVs, $2 billion to retool existing plants for the production of EVs, $1 billion for schools and government entities to purchase heavy-duty vehicles, and $3 billion for USPS as it aims to convert to EVs as well.

If the bill becomes law – it must pass through the Senate next week and then the House before it can be signed off on by President Joe Biden – it will also provide $20 billion in loans for new clean energy manufacturing facilities, as well as $30 billion in tax credits “to accelerate U.S. manufacturing of solar panels, wind turbines, batteries, and critical minerals processing.”

Though the full details of this bill haven’t been released yet, there are some caveats worth noting. Only cars priced under $55,000 and SUVs, trucks, and vans that cost less than $80,000 are eligible, while the credits are limited to families that have adjusted gross incomes of up to $300,000 annually.

We’ll have more on these proposed incentives soon, so be sure and subscribe to Ford Authority for 24/7 Ford news coverage.

Brett's lost track of all the Fords he's owned over the years and how much he's spent modifying them, but his current money pits include an S550 Mustang and 13th gen F-150.

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  1. Liam T

    DISCUSTING! If they want companies to pay taxes… WE will all lose our jobs!!!! … if the cost of me being employed is companies paying no taxes and using GAS… I say FINE!!! I don’t want the LEFT telling us who should and shoudlnt pay TAXES. NO THANK YOU

    Everything is FINE like it is right now! Give money to OIL COMPANIES… NOT auto companies! We want cheap GAS!

    1. Automotive

      Federal subsidies to gas oil companies for 2022 was $20,000,000,000. That 20 billion dollars. Revenue at all oil companies were $200,000,000,000. That 200 billion dollars. So with gas pricing the feds do not control pricing it a Fox talking point only. Each of these facts cane googled from every souce including Forbes USA today Wall Street Journal conservative sites.

  2. Will

    Right now the well off are buying a new one each year to get the tax credit and then ordering the next model year to get the $7500.00 again when the new one comes in. They sell their used one for more than what they paid for it because of the tax credit and high used car prices. The middle class get the shaft and are paying for the rich.

    1. Harley Kesselman

      That’s exactly what I am going to do. Trading in my 22 Corsair GT for a 23 when they are available to order!

  3. Thurston Munn

    Another stupid plan by our liberal government folks to spend more money that they don’t have, to gain more control of our lives, raise taxes eventually and drive the middle class into poverty. Also, it means if your neighbor buys an EV your tax dollars will help him pay for it. What a deal !! No thank you!

    1. Liam T

      EXACTLY. Of the “big shot” that owns my company pays more taxes… GUESS WHAT????? We all get fired

      Should be called global WARNING… right?

  4. The Gentle Grizzly

    All this means is that electrics and PHEVs can’t stand up on their own in the free market. If they had all of the merits claimed for them they’d not need a subsidy.

    1. Ian

      Everyone on the right complains about things not being made in the US, and of course once they actually help incentivize US mining, battery production, and auto production – all we get is complaining.

      Only US made vehicles with US mined and built batteries (increasing by percentage each year) will qualify for these tax credits.

      EVs are coming regardless of your feelings on the subject. If they don’t intervene by forcing a US supply chain, then all the fear of a completely foreign supply chain will come to pass.

  5. Dave

    I saw where GM has cut the price of some of their EVs by $6,000+ dollars when their Tax Credits ran out. Guess that will be reversed come January and the new EV credit becomes effective. But did that mean that they were losing $6000 on each EV but were forced to cut the price in order to compete with Ford?

    1. mike s.

      Automakers never lose money on any vehicle they sell. What it meant was that GM was making 6k more on their EVs than they will now, but needed that tax incentive to justify their prices. No more incentive, less sales. The sale price minus the 6k is what the vehicle is really worth, but you’re right Dave. Now with the incentives once again available, price will go back up by 6k, probably more, since new incentives have increased. It’s all a racket that car companies are now able to sell for rediculous MSRPs. Getting a deal on any new car is a thing of the past.

  6. Wayne

    EV cars are no deal. Only the stupid and fearful will buy them. You think your saving on gas. Watch your electric bill go through the roof. Then wait until you need to replace the battery packs at a current price of $15000.00. 5 years from now it will be about $25000. Cobalt and lithium are already in short supply and China owns most of the lands where you get these materials. I will keep buying my gas.

    1. Liam T

      My neighbor is a scientist and told me that once the WIND MILLS have removed all of the electricity from the AIR… we will have nothing left to protect the EARTH from space radiation!!!! Can someone please explain how that is GREEN??? You cant

      Biggest SCAM in history. I would know… I watch the news and the HISTORY channel every day


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