The rules for EV tax credits are about to get a lot more complicated
The Treasury Department proposed new rules around the sources of battery minerals and components for EVs.The new rules are scheduled to kick in next month.The Treasury Department on Friday proposed new rules for determining which EVs will be eligible for tax credits under the new "critical mineral" and battery component requirements included in last year's Inflation Reduction Act.
While the Treasury Department hasn't yet said which vehicles are eligible for the credits – that'll happen April 18 – we now know how the department plans to figure out which EVs do and don't make the cut. The new rules proposed by the Treasury Department on Friday explain how to determine which EVs meet the requirements for critical minerals and battery components, each of which provides a tax credit of $3,750. An EV that qualifies under both – and that meets the other requirements – will be eligible for the full $7,500 credit.
Note that it's up to the automakers to do the math and tell the Internal Revenue Service which of their vehicles qualify.by President Joe Biden last August, provides federal tax credits of up to $7,500 for buyers of EVs that meet a new list of requirements:. Cars priced above $55,000, and trucks, vans and SUVs priced over $80,000, aren't eligible for the tax credit.Only EVs that "undergo final assembly" in the U.S., Canada, or Mexico are eligible for the credit.
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