If a vehicle meets only one of the requirements for the electric vehicle tax credit, it may be eligible for a partial credit. The full credit of up to $7,500 is divided into two parts:
- Battery Requirement: If a vehicle meets this requirement by having a certain percentage of its battery assembled or manufactured in North America (e.g., 60% in 2025), it can receive up to $3,750 of the credit.
- Critical Minerals Requirement: If a vehicle meets this requirement by having a certain percentage of its critical minerals extracted or processed in the U.S. or a country with which the U.S. has a free-trade agreement (e.g., 60% in 2025), it can receive up to $3,750 of the credit.
If a vehicle meets only one of these requirements, it will qualify for the partial credit of up to $3,750, not the full $7,500.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/how-does-the-tax-credit-amount-change-if-the-vehicle-meets-only-one-of-the-requirements/
