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Section 13401 of the IRA amends 30D(b) of the Code to, among other things, provide a maximum credit of $7,500 per vehicle, consisting of $3,750 in the case of a vehicle that meets certain critical minerals requirements and $3,750 in the case of a vehicle that meets certain battery components requirements. In general, vehicles may satisfy the critical minerals and battery components requirements if a required percentage of the value of the critical minerals or battery components in the vehicle’s battery are sourced from a location specified by statute. The critical minerals and battery components requirements are applicable to vehicles placed in service after the date on which the Secretary of the Treasury or her delegate issues proposed guidance relating to these new requirements. The proposed regulations provide clarity to taxpayers and vehicle manufacturers on the critical minerals and battery components requirements. These clarifications include definitions of terms such as extracted,” processed,” recycled,” and free trade agreement.” The proposed regulations also clarify the rules for determining whether a critical mineral was extracted, processed, or recycled or a battery component was manufactured or assembled in a location that satisfies these requirements. The proposed regulations also provide guidance on how vehicle manufacturers may determine compliance with these requirements for their vehicles. The proposed regulations also clarify the definition of certain terms relevant to new requirements for the new clean vehicle credit. These clarifications include definitions of terms such as final assembly,” North America,” manufacturer’s suggested retail price,” and placed in service.” These proposed regulations also clarify the vehicles that are considered vans, sport utility vehicles, pickup trucks, or other vehicles for purposes of applying new manufacturer’s suggested retail price limitations added by the IRA. The expected definitions were published in IRS Notice 2023-1, as modified by IRS Notice 2023-16.