FILE - A 2023 Ford Mustang Mach-E charges, Friday, March 8, 2024, at an electric vehicle charging station in London, Ohio. . The Treasury Department announced final regulations for the credits under the 2022 Inflation Reduction Act on Friday, May 3, giving automakers more time to comply with some provisions about where battery minerals can come from. .
Starting this year, complex rules are being phased in to promote development of a domestic electric vehicle supply chain. The rules would limit EV buyers from claiming the full tax credit if they purchase cars containing battery materials fromThe new rules largely target battery components from nations “of concern” — mostly China, but also Russia, North Korea and Iran.
Small amounts of graphite and other minerals would be exempt from the restriction until 2027, because their country or origin is nearly impossible to trace. Without the exemption, some vehicles that met nearly all of the requirements could get knocked out of tax credit eligibility due to tiny amounts that couldn't be traced, officials said.
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