We have some good news for this weekend. The US Treasury has changed the definition of an "SUV" for tax credits, allowing for more electric vehicles from automakers like Tesla, GM, and Ford to be eligible for up to $7,500 in federal tax credits at higher prices. The retail price cap has been raised from $55,000 to $80,000 for vehicles like the Tesla Model Y, Cadillac Lyriq, Ford Mustang Mach-E and Volkswagen's ID.4. The credits are part of the Biden administration's $437 billion Inflation Reduction Act, which was approved in August, allowing SUVs to be priced at up to $80,000 to qualify for the credits while cars, sedans and wagons have to be priced at or under $55,000. Go out and get yourself a new EV.
SUV Tax Credit