President Biden lauded the Inflation Reduction Act for offering U.S. tax credits on Canadian-assembled electric vehicles during a speech at the Canadian Parliament in Ottawa.could be reduced or lost altogether for a number of electric vehicles in the coming month.
When April 18 arrives, EVs will be subject to new rules that impose critical mineral and battery component sourcing requirements that could cause their eligibility for a clean vehicle tax credit to be lost. The Department of the Treasury unveiled thesaid, is meant to "lower costs for consumers, build a resilient industrial base and spur manufacturing in the U.S." as well as "strengthen supply chains with like-minded partners that are vital for energy security.
A Tesla Model X vehicle is taken for a test drive at a Tesla electric car dealership in Sydney, Australia, May 31, 2017. During a call ahead of the announcement Friday, a Biden administration official told reporters that it was unclear how many vehicles would actually be eligible for the tax credit under its proposed rules,Which EVs will have eligibility is "not a question that can be answered today," Alliance for Automotive Innovation CEO John Bozzella wrote in a, noting the manufacturers give the information directly to the Internal Revenue Service.
"This latest turn will further reduce the number of eligible EVs," he said. "Fewer vehicles will qualify for the full $7,500 credit in the near term."currently for sale" would be eligible. Some, he said, will "certainly qualify for a partial credit."
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