Manchin’s bill would freeze EV tax credits

Sen. Joe Manchin on Wednesday introduced legislation aimed at ending the delay in adding new limits to sales taxes for electric vehicles.

The West Virginia Democrat took a shot at the Treasury Department with its move to temporarily postpone the order regarding the production and exploration of minerals for EV batteries.

“It is unacceptable that the US Treasury has not been able to provide updated guidelines for the 30D electronic tax return and continues to allow the full $7,500 credit without meeting all the clear requirements included in the Law of the Lowering of Inflation,” the senator said in a statement. “The Ministry of Finance has not been able to meet the statutory deadline of December 31, 2022, to provide guidance for the 30D credit and has found an opportunity to mitigate the supply requirements included in the IRA .”

Manchin, the chairman of the Senate Energy and Natural Resources Committee, said he introduced the American Vehicle Security Act to direct the department to implement the new 30D vehicle tax code for vehicles according to the law through the need to comply with the requirements and requirements. as of January 1, 2023.

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Sen. Joe Manchin during a panel meeting at the World Economic Forum (WEF) in Davos, Switzerland, on January 19, 2023. (Stefan Wermuth/Bloomberg via Getty Images/Getty Images)

“The IRA is first and foremost energy conservation billand the EV tax credits were designed to grow factories and reduce our dependence on foreign supply chains for the precious minerals needed to produce EV batteries,” he continued, calling it “shameful” too dependent of the US” on foreign goods. , especially China, for batteries to power our electric cars.”

Manchin said the country cannot continue “down this path.”

Tesla Supercharger location

Electric vehicles at a Tesla Supercharger station at the Hilton hotel in Bozeman, Montana, on July 20, 2022. (Louise Johns/Bloomberg via Getty Images/Getty Images)

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“I’ve said it before, and I’ll say it again, that we cannot have national security without force protection and independent force. The IRA and the EV tax credit it must be implemented according to the intention of Congress to ensure that the United States, the world’s greatest power, is not seen in countries that do not share our values,” he concluded.

Building of the US Treasury Department

The Treasury Department building in Washington, DC, on January 19, 2023. (Saul Loeb/AFP via Getty Images/Getty Images)

The Ministry of Finance said in December that the implementation guide – which is required for them to use – will not be ready until March.

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Of the tax credit extension law for electric vehicles, consumers are allowed up to $7,500 split into two federal credits for a new vehicle.

Provisions in the Inflation Reduction Act require that at least half the cost of battery components be manufactured or assembled in North America to qualify for a $3,750 credit.

FOX Business’ Gary Gastelu contributed to this report.

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