Those who are interested in purchasing an electric vehicle (and getting a tax credit for doing so) in the near future will want to pay close attention to this one. The IRS has finally released a revised list of electric vehicles that are eligible for the federal Clean Vehicle Tax Credit, after taking the new battery minerals and components sourcing requirement provisions included in the Inflation Reduction Act into account. As I noted in my Clean Vehicle Tax Credit overview article, this revision was coming around March/April – and now that it is live, it will impact all electric vehicles placed into service on or after 4/18/23.
As predicted, the new materials sourcing provisions, along with the ‘manufactured in North America’ eligibility requirement added last fall, have cut down the number of electric vehicles that are eligible for the full $7,500 tax credit amount. While this will limit the appeal of purchasing an EV not on this list in the near term, the long-term goal…
This article was written by G.E. Miller and originally published on 20somethingfinance.com