Biden admin moves to limit EV tax credit eligibility in potential blow to climate agenda

The Biden administration proposed a series of highly-anticipated rules, providing some clarity on how it will implement Inflation Reduction Act (IRA) provisions that restrict which electric vehicles (EV) are eligible for tax credits.

The rules, issued by the Treasury Department on Friday morning, outline the sourcing requirements for critical minerals and battery components automakers must use in EV batteries to ensure eligibility for the full $7,500 credit. The IRA — which President Biden signed into law in August — was crafted by lead sponsor Sen. Joe Manchin, D-W.Va., to bolster domestic EV battery supply...