The U.S. Treasury Department clarified a rule that could dramatically reduce the number of electric vehicles eligible for the $7,500 federal tax credit next year.
The U.S. Treasury Department clarified a rule that could dramatically reduce the number of electric vehicles eligible for the $7,500 federal tax credit next year. As part of the Inflation Reduction Act, automakers that source electric vehicle battery components from a foreign entity of concern, such as China , will no longer be eligible for the credit starting Jan. 1. The U.S. Treasury Department clarified its definition of "foreign of entity of concern" on Friday.
By the end of 2023, electric vehicles sold in the U.S. will no longer be eligible for the $7,500 federal tax credit if their battery components came from a foreign entity of concern, such as China. The Treasury Department said foreign entities of concern include any company based in China, including U.S. subsidiaries of companies and companies over which Chinese state entities have at least 25% control. Just 20 of the 103 models of electric vehicle for sale in the U.S
U.S. Treasury Department Electric Vehicles Tax Credit Foreign Entity China
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