For Electric Vehicles (EV) purchased in 2022 – new rules take effect after August 16. In our September article available at: Energy and EV Credits in Recent Inflation Reduction Act – Schwartz & Schwartz PC (schwartzaccountants.com), we highlighted the new rules for claiming the Clean Vehicle Credit (federal tax credit allowed for EV purchases). Most of the new limits take effect for new and used EV purchases made after December 31, 2022.
However, for the 2022 tax year there is one new caveat: to qualify for the tax credit vehicles purchased after August 16, 2022, final assembly must be completed in North America. The National Highway Traffic Safety Administration (NHTSA) has provided a link to help EV purchaser’s determine specific information about a vehicle, including the vehicle’s plant of manufacture. Site users will need the VIN to access the auto’s information. The link to the NHTSA site is below: