The other $3,750 credit requires that a certain percentage of battery components were manufactured or assembled in the same roster of countries. or from any country that has a free-trade agreement with the U.S. To get the first $3,750 credit, a certain percentage of the car's critical battery minerals must have been sourced from the U.S. If it passes that test, now you're looking at two $3,750 electric car tax credits that add up to $7,500 if you meet all the criteria. If you're buying a new EV or PHEV (plug-in hybrid), the "final assembly" of the vehicle must have occurred in North America in order to unlock any tax credits. Otherwise, let's take a quick look at the key rules for each scenario - buying new, buying used and leasing - and then dig into the details. If you want to skip the fine print and jump straight to the list of qualifying new vehicles, check out Edmunds' full list of available EV tax rebates by model. Federal EV tax credits in 2023 top out at $7,500 if you're buying a new car and $4,000 if you're buying a used car, while the automakers themselves take a $7,500 tax credit for EV leases but may discount your lease accordingly.
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