Yeah, the updates go much further than the current one. Date of implementation would for any car acquired after Dec 31, 2022.
It seems to remove the tax liability requirement for the implementation of income and total sales price limits (Manufacture Suggested Retail Price, not out the door price). So that's the first hoop.
Income limits you have to stay below:
- Joint/Surviving Spouse - $300,000
- Head of Household - $225,000
- Other - $150,000
Pricing:
- Van/SUV/Pickup - $80,000
- Any other vehicle - $55,000
The second hoop is much stiffer and has forced time gates for more and more of the battery pack to both be assembled AND sourced from North America (either new or recycled) or 'free trade' partners. Broadly:
- Critical materials - $3,750
- Final assembly in North America - $3,750
The dates and percentages for the critical materials:
- CY 2024 - 50%
- CY 2025 - 60%
- CY 2026 - 70%
- CY 2027 - 80%
Removes the cap on the total number of vehicles that are eligible per manufacturer.
It's too many pages to copy the entire bill text. You can read it for yourself here
ERN22335 (senate.gov) starting on page 366. Though it's a bit messy, as it's a reconciliation bill that modifies existing code passed in previous legislation. So it's essentially a 'diff' for those that know what that means.
And at the bottom, there seems to be a provision for allowing a second buyer (and only a second buyer) to claim an additional credit when they buy a qualifying used EV that is more than 2 years old and under $25k in price of up to an additional $4k or 30% of the sale price, whichever is lower.
