People who want to buy an electric vehicle could get a bigger-than-expected tax credit come Jan. 1 because of a delay by the Treasury Department in drawing up rules for the tax breaks.
The department said late Monday it won’t finish the rules that govern where battery minerals and parts have to be sourced until sometime in March.
As a result, it appears that buyers of EVs assembled in North America with batteries made in the U.S., Canada or Mexico will be eligible for a full $7,500 tax credit under the Inflation Reduction Act. The act calls for the batteries’ minerals and parts to also come from North America in order to get the full tax break, but that provision has been temporarily put on hold.
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