US Treasury Releases New EV Tax Credit Rules
Before we go any further, note that almost everything about thechanges next January 1. As of that date, the tax credit will become more of a point-of-sale rebate that will be applied by the dealer to lower the price of a vehicle directly. But that is then and this is now.
The purpose of the federal tax credit is to encourage manufacturers to build electric cars in North America using batteries that are manufactured using materials and components from approved countries. But what is an approved country? That is changing almost by the hour. The US has just concluded an agreement with Japan regarding battery materials and is close to doing the same with the European Union.
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