Demetrius Freeman/The Washington Post/Getty Images More Restrictions, But Some Relief President Biden signed the Inflation Reduction Act on Tuesday, which set in motion changes to the EV tax credit program. Among the remaining domestic brands, the IRS list of models still approved for tax credit eligibility include North American assembled versions of the: General Motors and Tesla both lost eligibility for tax credits for their cars more than a year ago after hitting a sales threshold that was part of the present plan. Only EVs and plug-in hybrids built at plants in the U.S., Mexico or Canada now qualify for the federal tax credit incentive. Once a vehicle’s VIN is entered, the decoder will display a page of information including, on the last line, the name and location of the plant in which the vehicle was built. Department of Transportation so consumers can easily run checks from a dealer’s lot. Check the VINīecause some models are assembled in multiple locations-the Leaf, for example, is built in Japan as well as in Tennessee-consumers seeking the tax credit to help make an EV or PHEV affordable should check the vehicle’s identification number, or VIN, to determine where it was made.Īn IRS-approved VIN Decoder website is maintained by the U.S. 16 are subject to the new plan’s North American assembly requirement, according to the IRS. That means all EVs and PHEVS sold after Aug. 16, 2022 for the Inflation Reduction Act. 1 of the year after it is passed, bills are considered enacted on the date the president signs them-that’s Aug. The only exceptions are North American built cars, which includes:Įxcept for the Audi plug-in hybrid, which is built in Mexico, all are assembled at plants in the U.S.Īlthough legislation typically takes effect on Jan. 1, immediately ending tax credit eligibility for all import-brand EVs and PHEVs.
The ruling clarifies language in a revised tax credit plan set to take effect Jan. It is a ruling that could dramatically slow the sales momentum electrified vehicles have been enjoying over the past year as it strips buyers of a credit that could put up to $7,500 back into their pockets at tax time.
31.Īlmost all import brand electric and plug-in hybrid vehicles immediately lost their federal clean vehicle tax credit incentive eligibility when President Biden signed the Inflation Reduction Act on Tuesday, according to the IRS. remain eligible for the federal tax credit incentive from now through Dec. Only 16 of the 65 plug-in hybrid and all-electric vehicles sold in the U.S. Most electric vehicles that were expected to be eligible for a federal tax credit through the end of the year were abruptly cut off this week. 16 are subject to a new tax credit plan with a North American assembly requirement.
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