On December 29, 2022, the Department of the Treasury (Treasury) issued a Notice and White Paper on the Internal Revenue Code section 30D Clean Vehicle credit program, announcing its intent to publish regulations by March of 2023 to define terms relevant to vehicles placed in service in 2023, including: final assembly, North America, manufacturer’s suggested retail price, placed in service, and definitions of classifications of vehicles, including vans, sport utility vehicles, and pickups. These definitions will aid vehicle purchasers in understanding which vehicles qualify under the IRA’s final assembly in North America requirement, as well as the Act’s retail price limitations. The proposed regulations will also include critical mineral and battery component eligibility requirements
The White Paper provides Treasury’s anticipated methods for determining whether a vehicle qualifies for the section 30D mineral and battery sourcing requirements.