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The Electric Vehicle $12,500 BBB Act Tax Credit

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Right now the devil is in the details, but it’s looking like there will be tax benefits to buying an EV in 2021. The U.S. House of Representatives passed the BBB Act and now it is awaiting approval in the U.S. Senate. The available tax credit (or refund) went from $7,500 to $12,500.

To clarify, a tax credit is “non-refundable” and will lower an EV buyer’s taxable rate. The U.S. Senate has the updated version of the bill where the tax benefit is “refundable”. There are many qualifiers still in play, and notable is that leased Electric Vehicles do not qualify for these tax benefits at all.

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