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.
Comments
This is the most disgusting piece of legislation in decades.
How are they going to power these?? STATIC “electricity”??? Not in MY house – we use dryer sheets
Agreed. Most of the manufacturing will be done over seas and the solar panels will be made in China. Just more money to the Chinese government and more inflation for Americans to pay
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!
Moron
I second that, Steve.
You probably want us all to use “EV’s” so that the AIR is “cleaner”… I smoke, so it doesn’t bother me AT ALL. Human beings have sat around CAMPFIRES since the garden of eaten, and they were all just FINE!
This message was powered by FOSSIL FUELS… enuff said!
EDEN
LOL….. it’s early
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.
That’s exactly what I am going to do. Trading in my 22 Corsair GT for a 23 when they are available to order!
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!
EXACTLY. Of the “big shot” that owns my company pays more taxes… GUESS WHAT????? We all get fired
Should be called global WARNING… right?
I hate communists.
The painful part is that Ford is in on it now. To see the mighty Ford kow-tow to the environmentalists in order to get green credit kick-backs is really disheartening. Ford was the last American car company standing (until Tesla showed up) and now they are at the government teat looking for freebies and handouts.
Tesla thinks theyre better than everyone else because the most American car company?…. I say NO… youre NOT better
My son delivers for AMAZON and drives a RAM. Made in AMERICA….
The workers in Tesla factories don’t know who “THEY” are! Not surprised…
The Mustang Mach-English is also made in America. Mexico is part of North America, so it is as American as Canada, U.S., and every nation down to Chile and Argentina as part of America.
As I understand it, the tax credit applies to hybrids and fuel cells also.
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.
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.
Until they change it, like with solar panels.
If the Federal government really want to help electrics made in the U.S, they must not give any money for imports. Only Ford, GM, Rivian, Tesla and the smaller domestic brands deserve that money.
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?
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.
FORD THINKS THAT IT CAN STAY IN BUSINESS BY STEALING OUR TAX MONEY !!!!!!!!! IT’S TIME FOR US TO PROVE THAT f WRONG AND FORCE THEIR OUT OF BUSINESS STATUS ASAP !!!!!!!!!!!!!
We need to have a TRUCKER CONVOY in front of FORD filled with PATRIOTS!!! I won’t be getting any EV’s or vaccination’s!!! …EVER
My sister’s kid has an “EV” and theyre all going to the poor house to CHARGE it. I don’t have to CHARGE anything I own. Why would I CHARGE a “EV”?????
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.
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