EVs Must Follow Foreign Entity of Concern Rules for Tax Credit
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EVs Must Follow Foreign Entity of Concern Rules for Tax Credit
The IRS updated its clean vehicle tax credits FAQs sheet, emphasizing that vehicles and dealers must follow the rules to be eligible for credits. Vehicles with battery components manufactured or assembled by a foreign entity of concern aren’t eligible for any amount of new clean vehicle credit, even if the vehicle meets the critical mineral applicable percentage requirements for 2024. In addition, qualified manufacturers are required to make an attestation demonstrating compliance with the foreign entity of concern requirements.
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