The U.S. Treasury Department said Thursday that electric vehicles leased by consumers starting Jan. 1 can qualify for up to $7,500 in commercial clean vehicle tax credits, a decision that makes those assembled outside North America eligible.
sought approval to use the commercial electric vehicle tax credit to boost consumer EV access. Automakers said the credit could be used to reduce leasing prices.
The $430 billion U.S. Inflation Reduction Act passed in August ended $7,500 consumer tax credits for purchases of electric vehicles assembled outside North America, angering South Korea, the European Union, Japan and others. The new Treasury guidance does not change the definition of what constitutes North American assembly to make more vehicles eligible for EV purchases.
Treasury said it was using "longstanding tax principles" to determine consumer leasing could qualify for the EV tax credit. The IRA also imposes significant battery minerals and component sourcing restrictions, sets income and price caps for qualifying vehicles and seeks to phase out Chinese battery minerals or components. The commercial credit does not, however, have the sourcing restrictions of the consumer credit.reject allowing use of the credit in consumer leasing saying they were trying to use the provision "as a way to bypass the strict sourcing requirements.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Report: Treasury Department missing data for 26% of 2021 rental assistance paymentsThe report points out the program has been beneficial for families most in need, particularly low-income renters who were at risk of eviction.
Read more »
Watch 'Fantasy Football Live' on Thursday for Week 17 news and sit-start adviceFantasy title games are here for most leagues and there's no better place to get ready for Week 17 than with Yahoo's award-winning 'Fantasy Football Live' on Thursday at 7 p.m. ET.Andy Behrens, Matt Harmon and Tank Williams will tackle the week's pressing fantasy questions to put you in the best position to bring home a championship.
Read more »
Eximius: Seize The Frontline Season 3 Launches ThursdayAmmobox Studios will be releasing the third season of content for Eximius: Seize The Frontline this coming Thursday. indiedev indiegame
Read more »
Construction fire reported in walls of Superdome, fire department saysThe building was evacuated while crews extinguished the fire.
Read more »
Houston's most popular baby names of 2022 released by Houston Health DepartmentDid you have a baby this year? Or maybe you're expecting soon and are looking for some baby name inspirations! Check out this list of Houston's most popular baby names of 2022.
Read more »