New EV Tax Credit Requirements To Make More Electric Cars Eligible—Here's What US Treasury Dept Announced
By Giuliano De Leon
May 03, 2024 04:38 PM EDT
May 03, 2024 04:38 PM EDT
New EV tax credit requirements were introduced by the U.S. Treasury Department. These adjustments are expected to make more electric cars more eligible for EV tax credits.
The US Treasury Department introduced new EV tax credit requirements. These adjustments are expected to make more electric cars eligible for EV tax credits.
According to Electrek's latest report, the IRS (Internal Revenue Service) and the US Department of Treasury updated EV tax credit rules. This was announced on Friday, Apr. 3.
The reformed federal incentive for EVs has been in effect for over a year, but the US government frequently updated it. The EV tax rules under the 2022 Inflation Reduction Act have been finalized.
The Associated Press reported that this finalization will give automakers more time to comply with the new provisions regarding where they should get their battery minerals.
Read Also: Biden Admin Proposes Easing Emissions Restrictions for Cars; Will This Hurt the EV Market?
The US Treasury Department announced various changes in EV tax credit requirements. These include the following:
This latest EV tax credit effort is expected to help the Biden Administration achieve its goal of making 50% of all US vehicles electric by 2030.
Related Article: Tesla, Nissan, GM, and Other EV Models Lose US Tax Credits
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