Does NEC require all 240v circuits to have a neutral wire in new construction? I know that the neutral is required for some appliances such as washers and dryers that would utilize 120v thus requiring the neutral but what about our garage tools like tablesaws and welders? Is it OK to use 3 wires (hot, hot, ground)?
You are correct, if its a straight 240 v load, water heater, AC condenser, electric furnace then yes, all you need is 2 hots and a ground. In the old days, electric dryers and ranges only had a 3-prong plug. They bonded the neutral and equipment ground together, but later figured out that this was not such a good idea. So now, all new circuits installed for these appliances has to be 4 wire, which separates the neutral and ground. You can still buy 3-prong cords and receptacles for replacement. But if you are running a new circuit for these appliances, it should and needs to be a 4 wire circuit. You would use a 10/3 or 8/3 and so on depending on the load. And yes the neutral in these appliances is required because they also need 120 volts, like a electric dryer, the heating element is 240v but the motor is 120v