New Consumer Resources for Purchasing an Electric Vehicle
Today, the Biden-Harris Administration released an updated list of vehicles that manufacturers have reported as meeting the critical mineral and/or battery component requirements of the Clean Vehicle Tax Credit under the Inflation Reduction Act (IRA). The list contains all vehicles that auto manufacturers have reported to the IRS as meeting the requirements that Treasury laid out in its notice of proposed rulemaking on March 31, and it will continue to be updated promptly as the IRS receives new information from manufacturers.
Today’s announcement gives Americans the up-to-date information they need as they make a decision about their next car purchase. The following government and non-government resources are being made available today to support consumers:
- FuelEconomy.gov now integrates the new list of eligible clean vehicles into its tax center tool. The tool will continue to be updated promptly as new information from manufacturers is submitted and additional vehicles become eligible.
- The Department of Energy (DOE) has published an Energy Saver webpage describing the new and previously owned clean vehicle tax credits, including a checklist to determine if a vehicle is eligible for either credit.
- The White House has announced 35 new commitments from the public and private sectors and nonprofit organizations to accelerate electric vehicle (EV) adoption and provide new tools, resources, and education for EV consumers.
In addition, by Friday, April 21, Google, Consumer Reports, and Plug In America will integrate the new list of eligible vehicles into their online consumer resources.
Treasury and IRS published updated FAQs on March 31 to help taxpayers determine whether they are eligible for up to a $7,500 tax credit towards a new clean vehicle and continue to maintain webpages to help consumers understand eligibility for the new clean vehicle and used clean vehicle tax credits. These resources provide consumers with information on eligibility requirements, including household income limitations and vehicle price caps, as well as how consumers can determine whether vehicle models are eligible under the updated critical minerals and battery component requirements introduced by the Inflation Reduction Act.
The Biden-Harris Administration remains committed to building the American economy from the bottom up and the middle out. These tax credits include provisions that will make clean vehicles accessible to all Americans, and that will build out all parts of the EV supply chain here in the United States.