A complex web of requirements, including where vehicles and batteries must be manufactured to qualify, is casting doubt on whether anyone can receive the full $7,500 credit next year.
Starting Jan. 1, many Americans will qualify for a tax credit of up to $7,500 for buying an electric vehicle. The credit, part of changes enacted in the Inflation Reduction Act, is designed to spur EV sales and reduce greenhouse emissions.
The new tax credit, which lasts until 2032, is intended to make zero-emission vehicles affordable to more people. What’s known so far is that to qualify for the credit, new EVs must be made in North America. In addition, caps on vehicle prices and buyer incomes are intended to disqualify wealthier buyers.
Starting in 2025, battery minerals cannot come from a “foreign entity of concern,” mainly China and Russia. Battery parts cannot be sourced in those countries starting in 2024 — a troublesome obstacle for the auto industry because numerous EV metals and parts now come from China.So which vehicles are eligible? Because of the many remaining uncertainties, that’s not entirely clear.
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EXPLAINER: 2023 tax credits for EVs will boost their appealStarting Jan. 1, many Americans will qualify for a tax credit of up to $7,500 for buying an electric vehicle.
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EXPLAINER: 2023 tax credits for EVs will boost their appealStarting Jan. 1, many Americans will qualify for a tax credit of up to $7,500 for buying an electric vehicle. The credit, part of changes enacted in the Inflation Reduction Act, is designed to spur EV sales and reduce greenhouse emissions.
Read more »
EXPLAINER: 2023 tax credits for EVs will boost their appealStarting Jan. 1, many Americans will qualify for a tax credit of up to $7,500 for buying an electric vehicle.
Read more »
2023 tax credits for EVs will boost their appealStarting Jan. 1, many Americans will qualify for a tax credit of up to $7,500 for buying an electric vehicle. The credit is designed to spur EV sales and reduce greenhouse emissions.
Read more »
2023 tax credits for EVs: How they'll work and who can get themStarting January 1, many Americans will qualify for a tax credit of up to $7,500 for buying an electric vehicle. The credit, part of changes enacted in the Inflation Reduction Act, is designed to spur EV sales and reduce greenhouse emissions.
Read more »
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