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Treasury Expands Tax Credits to More Electric SUVs

February 3, 2023

The Treasury Department said Feb. 3 it is making more electric vehicles — including SUVs made by Tesla, Ford and General Motors — eligible for tax credits of up to $7,500 under new vehicle classification definitions.

The revised standards for EV tax credits follow lobbying by automakers that had pressed the Biden administration to change vehicle definitions to allow higher priced vehicles to qualify. Tesla CEO Elon Musk met with top aides to President Joe Biden in late January to discuss the EV industry and the broader goals of electrification.

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