Biden administration rolls out rules for foreign entities in electric car tax credit eligibility ...Middle East

The Biden administration has issued rules for determining which so-called foreign entities of concern are not eligible for electric vehicle tax credits under the Inflation Reduction Act (IRA).  The definition used by the Treasury Department will determine who is eligible for a $6 billion battery manufacturing and grant program under the Bipartisan Infrastructure Law, as well as the IRA’s $7,500 tax credit for the purchase of electric vehicles. Beginning in 2025, eligibility will be restricted if the battery contains either components or critical minerals from a foreign entity of concern (FEOC) under the language of the IRA. “We're talking about companies under the control or jurisdi

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