Who gets the $7,500 EV tax credit? It's complicated.

Investing

Published: January 31, 2023 3:10 am

Last Updated: January 31, 2023 10:11 am

(Bill Sternberg is a veteran Washington journalist and former editorial page editor of USA Today.)

WASHINGTON, D.C. (Callaway Climate Insights) — Scrolling through Facebook from my Covid sickbed recently, I came across a cartoon that shows God revealing the Ten Commandments. “It started as one simple rule,” God explains to Moses. “Then we ran it by Legal.”

Something similar happened last summer when the Inflation Reduction Act, which gives Americans a significant financial incentive to purchase “clean” vehicles, was handed down from Capitol Hill. It started as a simple idea. Then it got run through Congress.

The $7,500 tax credit for EVs is so complex that its rollout this month has been marred by confusion on the part of consumers and dealers alike – confusion that appears destined to get worse before it gets better.

When I roamed the floor of the Washington Auto Show this week, I asked representatives of General Motors $GM and Ford $F whether their shiny new EV models on display qualify for the tax credits.

“There are so many moving pieces that I can’t really tell you,” the Chevy rep said. “You’ll have to talk to your accountant.”…

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