Senator Joe Manchin said he will introduce legislation on Wednesday to delay the implementation of a new electric vehicle tax credit because he disagrees with the Treasury Department over how to implement the program, part of the Inflation Reduction Act. A part of.
The tax credit of up to $7,500 per vehicle has come under fire from European and Asian allies who say rules aimed at stimulating domestic car and battery production are unfair to foreign manufacturers.
Manchin’s new bill follows a December decision by the U.S. Treasury Department to delay the issuance of rules on battery contents and minerals until March, while allowing the rest of the program to be implemented on Jan. 1. The bill directs the Treasury Department to stop issuing tax credits to vehicles that don’t meet battery requirements.
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