Many EVs won’t be eligible for tax breaks, per new Treasury Dept rules

Not all electric vehicles will be eligible for a full $7,500 federal tax credit under new rules by the Treasury Department, proposed yesterday.

The stricter rules will remove or reduce tax credits from some EV vehicles, but buyers have two weeks before the new changes take effect on April 18.

The rule is aimed at reducing US dependence on China for critical minerals and battery components.