New law renews $7,500 electric vehicle tax credit for ten years
Miami, FL, Aug. 16, 2022 (GLOBE NEWSWIRE) — Blink Charging Co. (Nasdaq: BLNK, BLNKW) (“Blink” or the “Company”), a leading owner, operator, and provider of electric vehicle (“EV”) charging equipment and services, applauds President Biden for signing the Inflation Reduction Act of 2022. The legislation includes numerous components that will help propel the EV economy forward in the coming years.
“The Inflation Reduction Act is a major victory for the EV industry,” said Michael D. Farkas, Chairman and CEO at Blink Charging. “I am thrilled to see Congress pass such a significant and historic piece of legislation and to be a partner with them in building a vibrant national EV infrastructure. We should all be proud that America is leading the way in developing policies that will set the EV industry up for success.”
The Inflation Reduction Act lifts the 200,000-unit-per-manufacturer cap on EV sales while keeping the $7,500 consumer income tax credit for purchasing a new EV. There is now an additional new $4,000 credit for purchasing a used EV. The law extends the tax credit for alternative fuel refueling property (EV Charging) to property placed in service before December 31, 2032 and removes the per location limitation. In addition, the law provides $3 billion for the U.S. Postal Service to purchase zero-emission vehicles.
The Inflation Reduction Act follows another recent…
