With a revamped $7,500 electric vehicle tax credit taking effect Jan. 1, the U.S. Treasury Department said on Monday it will delay until March its release of proposed guidance on the required sourcing of electric vehicle batteries.
The announcement means some electric vehicles that will not meet the new requirements may have a brief window of eligibility in 2023 before the battery rules take effect.
Some requirements for tax credits take immediate effect on Jan. 1 including new caps on income of buyers and retail prices for qualifying vehicles. But Treasury's announcement Monday means some buyers could receive tax credits for purchases of electric vehicles that ultimately will not comply with battery sourcing rules when finally unveiled.
The other $3,750 requires that at least 50% of battery components were manufactured or assembled in North America. Both percentages rise annually.
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