New EV Regulations Issued
On Friday, March 31, 2023, the US Treasury Department issued guidance (Proposed Regulation REG-120080-22) for manufacturers of electric vehicles (EVs) to determine if their vehicles will meet the new requirements for critical minerals used in the manufacturer of the batteries used to power those vehicles.
Effective on or after April 18, 2023, for buyers of EVs to obtain the new credit, the manufacturer of the vehicle must certify that the vehicle meets these new requirements. This new restriction applies to any vehicle where the buyer takes delivery of the vehicle on or after April 18, 2023, even if the buyer entered into a contract to buy the vehicle prior to that date.
Search our archives for “electric vehicle” to see our earlier posts about the EV credit. Also, see pages 1 through 6 of the Tax Year 2022 M+O=CPE Individual Tax Year-End Workshop Reference Book.