Manchin slams Biden cut to electric car tax credits: ‘Stop this now’

on Friday after the Treasury Department proposed new rules that would reduce federal tax credits for electric vehicles — calling them “horrific” and claiming they would only benefit China and harm US manufacturers.

The rules, which are set to take effect April 18, would disqualify many new EVs this year from the full $7,500 tax credit under the law Manchin helped negotiate last year — with many only getting half that amount.Eligibility for the full credit hinges on ramping up the percentage of electric car battery parts and minerals that come from countries that have free trade or mineral agreements with the US, according to the Treasury.

Those nations include Australia, Bahrain, Canada, Chile, Colombia, Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Israel, Jordan, Korea, Mexico, Morocco, Nicaragua, Oman, Panama, Peru, Singapore and Japan.The Biden administration won’t prohibit battery minerals that come from Russia or China.The rules also mandate that at least 50% of the value of battery parts have to be made and assembled in North America.

Treasury Secretary Janet Yellen said Friday the new rules will help consumers save money on EVs “and hundreds of dollars per year on gas, while creating American manufacturing jobs and strengthening our energy and national security.”Alliance for Automotive Innovation CEO John Bozzella told the Associated Press that only a few of the 91 EV models for sale in the US likely will get the full credit, but some will qualify for half.

Now why would a coalmine owner say that? Shocked!

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Democratic Sen. Manchin threatens legal action over Treasury EV battery guidanceSenate Energy Committee Chair Joe Manchin said on Wednesday he may go to court after the U.S. Treasury releases guidance later this week on battery sourcing guidance for electric vehicle tax credits. For all those who are new to this working from home Bitcoin trading options Here's a little tip: Get a trusted Bitcoin expert and stick to her _Eric__Diana Invest and play at similar times each day. Because : In times of chaos, your investment is your anchor to success Manchin demands coal-fired batteries. He probably has some sort of interest in controlling that commodity that should be open source for civilization not capitalism. Or even more accurate guess would be that one of his 😐 friends or colleagues has an interest in controlling this commodity that we will all need!
Source: Reuters - 🏆 2. / 97 Read more »