The Biden admin announced rules today that will make it harder for many electric vehicles to qualify for federal tax breaks — but could, over the long term, foster the growth of entire new U.S.-based industries based on clean energy.
ByThe Biden administration announced rules Friday that will make it harder for many electric vehicles to qualify for federal tax breaks — but could, over the long term, foster the growth of entire new U.S.-based industries based on clean energy.climate law that President Joe Biden signed last year
“We know that in order to meet our energy security, climate and economic goals, we need to build a clean energy supply chain that is not dependent on China,” a senior Treasury official said, speaking anonymously as part of the administration’s ground rules during a call with reporters. The department’s list of eligible vehicles is expected by April 18 and will be updated monthly, officials said on the call.
But the reality is that the climate law has already ruled out the full tax credit for the vast majority of electric vehicles now on the market, the head of one automotive trade group said — and the Treasury guidance will take even more off the table. The question is whether the long-term growth that the administration envisions will come to pass.
Treasury’s guidance was originally due in December, but the department postponed the proposal’s release until Friday. In the meantime, it allowed the credit to go into effect without any restrictions on where a vehicle was produced —. Since January, electric vehicle buyers have been able to receive the credit as long as they did not exceed an income threshold and the car was below a certain price.
For instance, the department provided flexibility in how it interprets the IRA’s requirements regarding trade partners and the sourcing of powders contained in battery electrodes. The administration sees this leeway as critical to keeping sales of electric vehicles growing while automakers race to create domestic supply chains.
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