The US Treasury Department announced some big changes to the New Clean Vehicle Tax Credit.
Per Reuters, the department is now allowing leases to count for the $7,500 tax credit.
The Treasury released an initial list of 2023 EVs that meet the new requirements.
These requirements include North American assembly and MRSP below $80,000 for SUVs, Trucks and Vans and $55,000 for other vehicles.
Currently, the models included are:
Ford
| Model Year | Vehicle Description | Applicable MSRP Limit |
|---|---|---|
| 2022, 2023 | Ford Escape Plug-In Hybrid | $80,000 |
| 2022, 2023 | Ford E-Transit | Forthcoming |
| 2022, 2023 | Ford F-150 Lightning | $80,000 |
| 2022, 2023 | Ford Mustang Mach-E | $55,000 |
| 2022, 2023 | Lincoln Aviator Grand Touring | $80,000 |
| 2022, 2023 | Lincoln Corsair Grand Touring | $55,000 |
Nissan
| Model Year | Vehicle Description | Applicable MSRP Limit |
|---|---|---|
| 2021, 2022, 2023 | Nissan Leaf S | $55,000 |
| 2021, 2022 | Nissan Leaf S Plus | $55,000 |
| 2021, 2022 | NIssan Leaf SL Plus | $55,000 |
| 2021, 2022 | Nissan Leaf SV | $55,000 |
| 2021, 2022, 2023 | Nissan Leaf SV Plus | $55,000 |
Rivian
| Model Year | Vehicle Description | Applicable MSRP Limit |
|---|---|---|
| 2022, 2023 | Rivian R1S | $80,000 |
| 2022, 2023 | Rivian R1T | $80,000 |
Stellantis
| Model Year | Vehicle Description | Applicable MSRP Limit |
|---|---|---|
| 2022, 2023 | Chrysler Pacifica PHEV | $80,000 |
| 2022, 2023 | Jeep Wrangler 4xe | $80,000 |
| 2022, 2023 | Jeep Grand Cherokee 4xe | $80,000 |
However, per Reuters, a more comprehensive list including other vehicles may come on the weekend.
Some of these vehicles eligibility may be short-lived as the Treasury is also adding new battery rules that will go live in January.
The new rules will see half the credit contingent on at least 40 per cent of the value of the critical minerals in the battery extracted or processed in the United States or a country with a US Free Trade Agreement.
The current list of Free Trade Agreements is long but, does not include China, India or most of the Americas.
