Free Republic

The U.S. Treasury said Monday that Volkswagen, BMW, Nissan, Rivian, Hyundai and Volvo electric vehicles will lose access to a $7,500 tax credit under new battery sourcing rules. The Treasury said the new requirements effective Tuesday will also cut by half credits for the Tesla Model 3 Standard Range Rear Wheel Drive to $3,750 but other Tesla models will retain the full $7,500 credit. Vehicles losing credits Tuesday are the BMW 330e, BMW X5 xDrive45e, Genesis Electrified GV70, Nissan Leaf, Rivian R1S and R1T, Volkswagen ID.4 as well as the plug-in hybrid electric Audi Q5 TFSI e Quattro and plug-in...

Rep. Don Beyer (D-VA) is speaking out about the Biden administration’s electric vehicle tax credit guidance, saying their “go-it-alone approach on trade policy is risky and unsustainable.” Beyer’s comments come as the U.S. Treasury Department unveiled stricter electric vehicle tax rules recently in an effort to wean the United States off dependence on China for EV battery supply chains. The guidance, set to take effect for vehicle purchases starting April 18, triggers new requirements for critical mineral and battery components. The Inflation Reduction Act requires 50% of the value of battery components to be produced or assembled in North America...

Full title: Steve Forbes: Rich people don't need your money to buy electric cars -- Let's get real about EV tax creditsAmericans who want to drive electric vehicles should absolutely be free to do so. But the rest of us should not be forced to subsidize their expensive, environmentally questionable choice of cars. Liberal environmentalists have long touted electric vehicles (EVs) as an affordable, low-emission option for middle-class American families, even though the electricity used to power them is most often generated by fossil fuels and the buyers are rarely middle class. The soon-to-expire tax breaks that EV owners receive...

Rep. Ro Khanna (D-Calif.) said Monday that he's planning to introduce legislation in the coming weeks to expand the electric vehicle tax credit and link it to domestic manufacturing, calling the bill a way to help both the environment and the economy. "That's a pretty concrete application of how the Green New Deal can create jobs in the United States," Khanna, the first vice chair of the Congressional Progressive Caucus, told reporters. Under current law, people who purchase new electric vehicles can receive a tax credit of up to $7,500. The amount of the credit phases out after a manufacturer...

Beware of the lame-duck Congress. With the midterm election behind us, the 115th Congress only has a few legislative days remaining before the new Congress is sworn in. Must-pass items are often left to the lame-duck period, when members are freer to vote as leadership needs, absent the pressure of representing their constituency and defending their votes. Recently, another legislative boondoggle has appeared on the radar. Retiring Sen. Orrin Hatch, the Utah Republican and outgoing chairman of the Senate Finance Committee, has an expensive idea. Bloomberg News reported on November 13 that Mr. Hatch said in an interview that “an...