signed into law by President Joe Biden last Tuesday, saw one obligation for the $7,500 Federal Tax Credit come into immediate effect. For now, EVs and PHEVs must be assembled in North America in order to qualify for the tax credit. That's the only new rule until January 2023, which ...
A final rule issued by the Treasury Department and the Internal Revenue Service, set to be published in the Federal Register on Monday, addresses critical minerals and battery sourcing requirements added to U.S. electric vehicle tax credits under the Inflation Reduction Act. It comes along......
2023, in Philadelphia. The Biden administration has proposed new rules that could make it harder for electric vehicles to qualify for a full $7,500 federal tax credit. The rules announced Dec. 1 could complicate efforts to meet President Joe Biden's goal that half of new passenger vehicles s...
President Biden signed the act into law in August of 2022, but the Treasury Departmentdelayedthe battery requirement portion of the tax credit ahead of 2023. Under the proposed guidance, batteries for EVs must meet a "critical mineral requirement" to be eligible for $3,750 of the tax credit....
The list of EVs eligible for a federal tax credit shrank at the start of 2024, but it's already growing again. Find the current list here.
Those who are interested in purchasing an electric vehicle (and getting a tax credit for doing so) in the near future will want to pay close attention. The IRS has released a revised list of electric vehicles that are eligible for the federal Clean Vehicle Tax Credit, that were placed in ...
A trade pact could make EVs with battery materials sourced from Japan eligible for federal tax credits, theJapan Timesreported Tuesday. The Inflation Reduction Act (IRA) requires major battery components and critical minerals to be sourced from countries with which the U.S. has a fre...
The Biden administration has proposed new rules that could make it harder for electric vehicles to qualify for a full $7,500 federal tax credit.
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The rules released by the Treasury added that eligible vehicles for the tax credit should not exceed a retail price of $80,000 for a van, pickup truck or sport utility vehicle, or $55,000 for other vehicles. The notice will be published in the Federal Register on April 17. ...