Prohibiting Tax Credits for Vehicles with Components from Foreign Entities of Concern
This act aims to restrict the use of taxpayer money for electric vehicles whose key components, such as batteries, come from companies associated with foreign entities of concern. This means that if you plan to buy an electric vehicle and want to claim tax credits, you will need to verify that its components meet new, stricter origin requirements. The goal is to support domestic production and avoid funding entities that may pose a national security risk.
Key points
New rules for electric vehicle tax credits: credits will not apply if batteries or their components come from companies controlled by foreign entities of concern.
Expanded definition of prohibited entities: this includes not only direct foreign entities but also domestic and foreign companies controlled by them, operating under their influence, or using their licensed technology.
Changes to production project grants: projects using technology licensed from these same foreign entities will also not qualify for support.
The act applies to vehicles sold after its enactment date and to certifications awarded after that date.
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