The existing tax credit is modified but individuals are eligible to claim up to $7,500 under certain conditions. Taxpayers are eligible for a credit of up to $3,750 of the credit if critical minerals meet a certain percentage of being extracted in North America or from a countries the U.S. has a Free Trade Agreement with. The required percentages of value of critical minerals used in batteries increases by year: 40% by 2023, 50% by 2024, 60% by 2025, 70% by 2026, and 80% by the years 2027-2032. Taxpayers are also eligible for a credit of up to $3,750 for meeting a certain percentage of battery components manufactured, assembled in North America. Beginning in 2024, no percentage of the material can be extracted or processed in or by an entity of foreign concern (including Russia and China). The required percentages of value of battery components by year: 50% by 2023, 60% by 2024 and 2025, 70% by 2026, 80% by 2027, 90% by 2028, and 100% by 2032. Final assembly of a vehicle must occur in North America for the credit to be applicable. The credit is now transferable (meaning it is available at the point of purchase) and the 200,000 vehicle cap on automakers is removed.