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U.S. seeks input on climate law's $270 billion in tax breaks

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The U.S. Treasury Department said on Wednesday it is seeking public input on how to implement $270 billion in new federal tax breaks for electric vehicles, clean manufacturing, and energy efficiency.

The Inflation Reduction Act signed into law by President Joe Biden in August contained incentives designed to help meet his administration's goals of halving U.S. carbon emissions by 2030 and getting to net-zero emissions by 2050.

U.S. Senator Debbie Stabenow told Reuters in a recent interview that she had pushed to ensure the maximum number of EVs qualify for tax credits when she spoke recently to Treasury Secretary Janet Yellen. "We're committed to ensuring that as many eligible taxpayers as possible get credits provided by law while carefully protecting against fraud and abuse," Adeyemo told reporters.

 

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