President Biden’s announced the latest version of the massive Build Back Better social spending bill on October 28, which includes investments in clean energy initiatives totaling $555 billion.
The big news for EV enthusiasts is it includes the increased $12,500 EV tax credit. Now, there are still many details to work out, as this is a framework that needs to pass both houses of Congress before Joe Biden can sign it into law.
Should the bill pass, the important thing to know for EV buyers is they may become eligible for a $5,000 higher tax credit, up from the current $7,500. One of the plan’s main measures is to “deliver substantial consumer rebates and ensure middle class families save money as they shift to clean energy and electrification.”
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