Tesla Model Y full electric crossover SUV on dsipaly at Brussels Expo on January 13, 2023 in Brussels, Belgium. (Photo by Sjoerd van der Wal/Getty Images)
The U.S. Treasury Department has changed the standard for what kind of electric vehicles qualify for a federal tax benefit under the Inflation Reduction Act.
Before this change, electric vehicles such as the Tesla Model Y, Ford Mustang Mach-E, Cadillac Lyriq, and Volkswagen’s ID.4 were not considered SUVs because of their lower weight. This meant they couldn't access the credit that capped Manufacturer Suggested Retail Price (MSRP) at $80,000, and they were too expensive to get access to the credit with the $55,000 cap.
Tesla CEO Elon Musk tweeted a month ago that the prior rule was "messed up!"
Now these newly minted SUVs qualify for the $7,500 credit if they cost $80,000 or less, while cars, sedans, and wagons continue to qualify if they are priced less than $55,000.
"This change will allow crossover vehicles that share similar features to be treated consistently," said the Treasury Department in a press release. "It will also align vehicle classifications under the clean vehicle credit with the classification displayed on the vehicle label and on the consumer-facing website FuelEconomy.gov."
Visa is hoping to hand your credit card to an artificial intelligence “agent” that can find and buy clothes, groceries, airplane tickets and other items on your behalf.
Skift Editor-In-Chief Sarah Kopit discusses how summer travel plans remain uncertain for most as many international travelers are leery to travel abroad. Watch!
Seth Schachner, Managing Director at Strat Americas, on Hollywood's latest blockbusters utilizing content creation. Plus, the future of YouTube and TikTok.
Ashley Gold, Axios' Tech/Policy reporter, discusses what the future of Google and search engines will look like after the tech giant faces an antitrust trial.
A labor rights group has alleged that Starbucks sourced coffee from a major Brazilian cooperative whose member farms were cited for keeping workers in slave-like conditions.
X, the social media platform owned by Trump adviser Elon Musk, is challenging the constitutionality of a Minnesota ban on using deepfakes to influence elections and harm candidates.
