Many vehicles currently eligible for the full $7,500 credit will not meet the new battery mineral and component sourcing standards
As changes are made to the tax credit, the federal government is providing other incentives, including a growing charging infrastructure, loans, and other tax credits.
In addition to the battery requirement, there are also a maximum vehicle cost and a buyer income cap that factor into determining how much credit buyers receive. Only U.S.-built SUVs under $80,000 and cars under $55,000 qualify. The income cap is based on buyers’ adjusted gross income, which may not exceed $300,000 for married couples filing jointly, $225,000 for heads of households, and $150,000 for all other filers.
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