👩⚖️🗺️⛏️The US Treasury has, at long last, issued guidance for applying battery component and mineral sourcing requirements under the Inflation Reduction Act.
💵💸💰The $7,500 tax credit will be available in two parts. One $3,750 chunk is for vehicles assembled in North America, and the other half is available based on battery component building/sourcing.
🗓️📈🌎The battery sourcing requirements will increase yearly, causing automakers to bring more production to North America or US Free Trade Countries as time passes.
🚗🛻🤵♂️Only cars under $50K, SUVs/Trucks under $80K are eligible. Single taxpayers earning more than $150K, heads-of-household earning more than $225K, and jointly filing married people earning more than $300K will not be eligible either.
⏰🔍👍The changes go into effect on April 17th. Some automakers have provided lists of models still covered by the tax credits once the changes are in place.