The Treasury Department says it will be at least March before it can issue proposed rules for then federal tax credit for electric cars.
signed into law in August significantly altered the federal tax credit for electric cars. Previously, it was only available for the first 200,000 electric cars manufactured by any one automaker. Tesla exceeded that limit in January, 2020, General Motors exceeded the limit in April, 2020, and Toyota exceed it in October of this year.Under the IRA, those production limits are gone.
The task of writing the rules has fallen to the Treasury Department and it has just sent up a white flag to say it is overwhelmed and won’t be able to complete the materials and components rules on time. In aRule Making Ain’t For SissiesBefore year’s end, Treasury will release information on the anticipated direction of the critical mineral and battery component requirements that vehicles must meet to qualify for tax incentives in the Inflation Reduction Act.
Since the Inflation Reduction act was signed into law in August, Treasury has worked expeditiously to write the rules that will make real the promise of this legislation.
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