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.
But qualifying for the credits depends on a person’s income, the price of the vehicles and requirements related to battery makeup and minerals that get tougher each year.
To get the credits, EVs must be assembled in North America. Some plug-in hybrids also can qualify.
Click this link for the original source of this article.
Author: Faith N
This content is courtesy of, and owned and copyrighted by, https://www.offthepress.com and its author. This content is made available by use of the public RSS feed offered by the host site and is used for educational purposes only. If you are the author or represent the host site and would like this content removed now and in the future, please contact USSANews.com using the email address in the Contact page found in the website menu.