Considering an electric car? The Build Back Better bill could save you thousands
CBSN
Drivers across the U.S. have good reason to watch the negotiations over the Build Back Better Act, the latest version of which contains substantial tax breaks for owners of electric and plug-in hybrid vehicles. An additional $500 credit for a car with a battery pack made in the U.S. An additional $4,500 credit for cars assembled at a unionized U.S. plant. (Currently only plants owned by GM, Ford and Stellantis qualify.)
The incentives go up as high as $12,500 and, perhaps equally important, could greatly simplify the process of getting an income tax credit for buying a car. The bill also would go a long way toward putting some electric vehicles on level ground with gas-powered cars on price. Experts say that could spur wider adoption of EVs — a key element of President Joe Biden's plan to decarbonize the transportation sector.
While Democratic lawmakers continue to negotiate the $1.75 trillion measure, here's what the latest version of the bill would provide EV owners:
