US loosens some electric vehicle battery rules, potentially making more EVs eligible for tax credits [Yahoo! Finance Canada]
Tesla, Inc. (TSLA)
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Source: Yahoo! Finance Canada
The Treasury Department announced final regulations for the credits under the 2022 Inflation Reduction Act on Friday, giving automakers more time to comply with some provisions about where battery minerals can come from. The credits range from $3,750 to $7,500 for new EVs. There's also a $4,000 credit for used ones. They're aimed at juicing demand for EVs in an effort to reach a Biden administration goal that half of all new vehicle sales be electric by 2030. This year the credits are available at the time a vehicle is purchased from an authorized dealer rather than waiting for an income tax refund. ADVERTISEMENT But qualifying for the credits depends on a person's income, the price of the vehicles and requirements related to battery makeup and minerals that get tougher each year. To get the credits, EVs must be assembled in North America. Some plug-in hybrids also can qualify. Starting this year, complex rules are being phased in to promote development of a domestic electr
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