To verify if your vehicle meets the critical minerals requirement for the new clean vehicle credit, follow these steps:
- Check FuelEconomy.gov: The list of eligible vehicles that meet the critical minerals and battery components requirements is available on FuelEconomy.gov. You can visit this site to see if your specific make and model is listed.
- Understand the Critical Minerals Percentage: The percentage of critical minerals required varies by year:
- For vehicles placed in service between April 18, 2023, and December 31, 2023, the critical minerals must constitute 40% of the total value.
- For vehicles placed in service in 2024, this percentage increases to 50%.
- It increases further to 60% in 2025, 70% in 2026, and reaches 80% in 2027 and beyond.
- Consult with the Manufacturer: If you need detailed information about a specific vehicle model, contact the vehicle’s manufacturer. They can provide the necessary information regarding the vehicle’s compliance with the critical minerals requirement.
- Review IRS and Treasury Updates: Keep up to date with the latest IRS and Treasury guidance, as rules and regulations may evolve.
By following these steps, you can determine whether your vehicle meets the critical minerals requirement and potentially qualifies for a tax credit.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/how-do-i-verify-if-my-vehicle-meets-the-critical-minerals-requirement/
