Under the bill — an amendment of the Inflation Reduction Act — no credit would be available to any new EV that does not meet the critical mineral and battery sourcing requirements, effective retroactively as of Jan. 1.
WASHINGTON — U.S. Sen. Joe Manchin, D-W.Va., plans to introduce a bill Wednesday that would direct the U.S. Treasury Department to immediately stop issuing $7,500 consumer tax credits for electric vehicles that do not meet strict critical mineral and battery component requirements.
Treasury is planning to issue proposed guidance on the consumer tax credit's critical mineral and battery component requirements in March after missing its year-end deadline in 2022. It also will issue a proposed rule-making that further clarifies key provisions already in play, such as price caps and how vehicles are classified.
For battery components, the law states that before 2024 and after Treasury issues the proposed guidance, 50 per cent must be made or assembled in North America. By 2029, the law requires 100 per cent. Nearly 40 new models are potentially eligible for the full $7,500 tax credit between Jan. 1 and until Treasury issues the required EV battery sourcing guidance, according to an IRS list. However, under Manchin's bill, eligibility would be significantly limited during that time frame, with very few to no vehicles likely qualifying for the critical minerals portion of the credit, the aide said.
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