US loosens some electric vehicle battery rules, potentially making more EVs eligible for tax credits
The U.S. government has loosened some rules governing electric vehicle tax credits a bit, potentially making more EVs eligible for credits of up to $7,500
DETROIT (AP) — The U.S. government has loosened some rules governing electric vehicle tax credits a bit, potentially making more EVs eligible for credits of up to $7,500.
The Treasury Department announced final regulations for the credits under the 2022 Inflation Reduction Act on Friday, giving automakers more time to comply with some provisions about where battery minerals can come from.
The credits range from $3,750 to $7,500 for new EVs. There's also a $4,000 credit for used ones.
They're aimed at juicing demand for EVs in an effort to reach a Biden administration goal that half of all new vehicle sales be electric by 2030. This year the credits are available at the time a vehicle is purchased from an authorized dealer rather than waiting for an income tax refund.
