New rules for 2024 will allow buyers to get the EV tax credit of $7,500 at the point of sale, rather than waiting for tax season. Unlike current rules, consumers won't need to have a tax liability to get it. These new policies will make the tax credit both easier to claim and more accessible.
In 2024, EVs whose battery components are built or assembled by a “foreign entity of concern” — China, Iran, North Korea and Russia — don’t qualify for a tax credit. New IRA guidelines could pour cold water on joint battery ventures between S. Korea, China. The US has announced that any foreign joint venture with a Chinese battery maker that is at least 25% owned by the Chinese government will be ineligible for electric vehicle (EV) subsidies or tax credits.
