Stricter EV tax credit rules kick in April 18 — what it means for buyers
First, 40% of the critical minerals in the battery must be extracted or processed in the U.S. – or in a country with a U.S. free trade agreement. This credit is worth $3,750, or half the tax credit total.
Note that both of these percentages ramp up considerably over the next few years — hitting 80% for the critical minerals part and 100% for the component manufacturing piece of the legislation. If a vehicle passes both parts of the battery eligibility requirements, the vehicle will receive the full tax credit .
“I don’t know. It’s not a question that can be answered today,” says John Bozzella, president and CEO of automaker trade group theon which EVs are eligible. “Automakers will report directly to the IRS which EV models meet the critical mineral and/or battery component requirements.”Bozzella says there are 91 EV models currently for sale in the U.S., and after April 18 some vehicles will qualify for a partial credit.
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