WASHINGTON—The Treasury Department has delayed guidance on rules for claiming tax credits for electric vehicles (EVs).
Under the recently enacted Inflation Reduction Act (IRA), Americans can receive a tax credit of up to $7,500 for purchasing a new EV, with the caveat that the vehicle must be assembled in North America, and must be purchased and delivered on or before Dec. 31, 2022. Then, beginning next year, “income-qualified households” will be able to receive a tax credit of up to $7,500 for new vehicles, as long as the EV is assembled in North America and has a battery that meets certain sourcing requirements.