WASHINGTON — It will soon become harder to get a full $7,500 tax credit for a new electric vehicle under proposed rules released Friday by the U.S. Treasury Department — and interested buyers should move fast.
New battery component and mineral requirements will go into effect on April 18, the day after the new rules are officially published in the federal register, slashing the list of around two dozen vehicles that have qualified without the requirements for the last three months, at least in the short term.
This period "may go down as the highwater mark for EV tax credit eligibility since the IRA passed last year," said John Bozzella, CEO of the Alliance for Automotive Innovation. "We now know the EV tax credit playing field for the next year or so. March 2023 was as good as it gets."
