Restricting EV Tax Credits and Energy Subsidies Linked to Foreign Entities.
This law tightens the rules for federal tax credits for electric vehicle purchases and clean energy manufacturing projects. It aims to exclude vehicles and projects that use battery components or technology sourced from companies controlled by or substantially influenced by specific foreign entities of concern. This change means fewer EV models may qualify for the federal tax credit, potentially impacting consumer costs and choices.
Key points
The EV tax credit (Section 30D) will be denied if the battery components are sourced from corporations linked to restricted foreign entities.
The restrictions apply broadly, covering domestic companies controlled by these foreign entities and joint ventures involving them.
Federal subsidies for advanced energy manufacturing projects will be blocked if they use technology licensed from these restricted foreign entities.
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