Tax Day was just upon us, and if you were one of the many Americans who filed on time, there is a list released by the IRS of electric vehicles that still qualify for a full $7,500 federal tax credit.
After strict guidelines were set in place back in March, new guidelines will officially go into effect, with only six electronic vehicles now qualified under the new terms.
In efforts to cut out China as an approved trading partner, the list eliminated electronic vehicles using batteries manufactured in China by Chinese companies.
If someone is interested in a full tax credit, their options include the Cadillac Lyriq, Chevy Bolt, Chevy Bolt EUV, Ford F-150 Lightning, some Tesla 3 versions, and some Tesla Model Y versions. The Nissan Leaf and Volkswagen ID.4 have been taken off the list, moving forward.
Some vehicles may still qualify for a half credit of $3,750 as long as it meets certain requirements. 3 plug-in hybrid vehicles (PHEV) also qualify for the half credit, and 3 more qualify for the full tax credit, including models manufactured by Chrysler, Ford, Jeep and Lincoln.
Although the list has shortened, this is great news for future factories produced in the United States and other approved countries to get manufacturers to produce with them for future vehicles.
However, as rules grow stricter over time, batteries will need to be made in North America by 2029 to remain on the IRS’s good side, receiving the full $7,500 credit.
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