PROGRESS? EV Tax Credits Now Only Apply To Only 20 Of The 70+ Models That Were Eligible Just Days Ago Making Them More Expensive For Consumers

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President Joe Biden signed the sweeping tax, climate and health-care measure into law on Tuesday, sealing what Democrats hope is a major legislative victory ahead of the November midterm elections.

“With this law, the American people won and the special interests lost,” Biden said at the White House. “It’s about delivering progress and prosperity to American families.”

The measure, known as the Inflation Reduction Act, contains key parts of Biden’s policy agenda that just weeks ago appeared to have virtually no chance of becoming law. The House passed the bill Aug. 12 on a party line 220-207 vote after the Senate voted on Aug. 7 to approve it. No Republican in either chamber voted for it.

The Biden administration said about 20 models will still qualify for electric vehicle tax credits of up to $7,500 through the end of 2022 under the legislation.

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