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More than 1,000 additional auto dealers have registered for the point-of-sale electric vehicle tax credit since it became available Jan. 1, the Treasury Department confirmed Friday morning. Treasury officials told reporters that as of Friday, more than 8,700 dealers had registered for the credit, up from the 7,400 announced in late December. Alterations to the credit under the Inflation Reduction Act allow electric vehicle buyers to claim it upon purchase from registered dealers rather than waiting until filing their taxes the following year. The 7,400 number was itself an increase from the 7,000 dealers announced earlier in December by the...

Sen. JD Vance (R-Ohio) introduced legislation Thursday that would eliminate federal tax credits for electric vehicles, the latest in a series of Republican salvos against EV technology. Vance’s bill, first reported by The Daily Caller, would undo several EV credits created or broadened under the Inflation Reduction Act (IRA), the 2022 climate and infrastructure law. It would also establish a new $7,500 tax credit specifically for American-made gas-powered vehicles.

The historic climate legislation President Joe Biden signed in August offered a federal tax break — worth up to $7,500 — to households that buy new electric vehicles. But it may be tough for consumers to get the full value of the tax credit — at least initially. That’s largely due to the structure of the clean vehicle credit and certain requirements for consumers and car manufacturers. Those roadblocks, however, are poised to ease in the longer term, experts said.

“The Inflation Reduction Act has to do with your ability to get tax credits for buying — if you need a new coffee machine, a new washer, a new refrigerator,” Biden said. “And you buy an efficient refrigerator, efficient coffee machine, you get a tax credit for it.” Earlier in the speech, Biden appeared to blank on the name of Oregon Sen. Ron Wyden — calling him “THAT OTHER GUY I just talked about in the Senate” — just moments after warmly thanking the Democrat for helping to get the bill passed.

Buyers of a majority of electric-vehicle models would not qualify for a $7,500 tax credit under a Democratic proposal in the U.S. Senate. That's according to a group of major automakers. Automakers have been privately concerned about the proposal's requirements for vehicles' batteries and critical-mineral contents to be sourced from the United States. The July 27 proposal by Senators Chuck Schumer and Joe Manchin would make 70% of U.S. electric, plug-in hybrid and fuel-cell EVs ineligible upon passage, according to John Bozzella, heads of the Alliance for Automotive Innovation. The group represents General Motors, Toyota Motor, and Ford Motor among...

Sen. Susan Collins (R-Maine) said on Tuesday she is open to discussing proposals to overhaul an expanded child tax credit included in President Biden's American Rescue Plan that is set to expire in the next few days. “I am open to proposals that would support working families and reduce childhood poverty and look forward to working with colleagues of both parties on bipartisan solutions,” Collins said in a statement to the Bangor Daily News.

In this episode of “Biden Being Biden, DeSantis Being DeSantis”…The inept occupant of the Oval Office kills one major oil pipeline and talks about killing another one while driving up inflation and gas prices with it. The governor of Florida suspends the state’s gas tax, providing $1 billion in relief to drivers feeling the pain at the pump. Biden being Biden, DeSantis being DeSantis.Florida Governor Ron DeSantis is asking state lawmakers to “zero out” the state gas tax to push back against inflation https://t.co/tUb4470HSg— Bloomberg (@business) November 22, 2021Speaking to reporters at a gas station in Daytona Beach on Monday,...

Money from the Child Tax Credit program is set to hit U.S. parents' bank accounts on Monday. After that, the sixth and final check is scheduled to be deposited on December 15. The future of the expanded Child Tax Credit program remains in limbo amid negotiations over scaling back President Joe Biden's $3.5 trillion social spending plan, which included an extension of the CTC through 2025. To slash spending in the bill, some lawmakers want to limit the tax credit's renewal to just one or two years. As talks among Democratic lawmakers continues, the future of the family assistance measure...

The plan means five million children will no longer have to live in poverty, according to Columbia University’s Center on Poverty and Social Policy. The New York Times reports that experts believe the money could “cut child poverty by nearly half, an achievement with no precedent.” That’s why those parents are dancing. And it is not just poor people. Working-class and middle-class children are getting jiggy with this financial boost.

WASHINGTON (AP) — President Joe Biden on Wednesday announced new employer tax credits and other steps to encourage people reluctant to be inoculated to get the COVID-19 vaccine as his administration tries to overcome diminishing demand for the shots. The moves came as Biden celebrated reaching his latest goal of administering 200 million coronavirus doses in his first 100 days in office.

The Georgia state House passed an amendment Wednesday that would strip Delta Air Lines of a multimillion-dollar tax break after the company blasted the state’s new election laws. Republican Georgia Gov. Brian Kemp signed into law last week a bill overhauling his state’s election procedures designed to increase security and address issues that surrounded the 2020 election. Delta initially supported key measures of the legislation after it was signed, then backtracked days later amid calls for boycotts pushed by left-wing publications. Delta CEO Ed Bastian said the new election law “does not match Delta’s values.” Republicans in the state House,...

Missouri Senator Josh Hawley, prominently mentioned as a possible presidential contender in 2024, is running hard to separate himself from the potential pack of candidates.While Hawley’s numbers took a hit following the Capitol riot of January 6, he is still broadly popular with Republican voters in Missouri and has actually improved his standing with the GOP nationwide. His name recognition has soared 23 points, according to a recent Morning Consult poll.Hawley is proposing an alternative to the $15-an-hour minimum-wage hike currently in the pandemic relief bill being considered by Congress. His idea centers around a tax credit to workers making...

A Colorado resident was sentenced to 83 months in prison on Friday for his role in a biodiesel tax credit fraud scheme, announced Principal Deputy Assistant Attorney General Richard E. Zuckerman of the Justice Department’s Tax Division. According to court documents and statements made in court, Matthew Taylor and his coconspirators defrauded the United States by filing false claims for tax credits under a federal program that encourages production and use of renewable fuels. They created a fake company, Shintan Inc. (Shintan), that purported to be in the business of creating renewable fuels. From 2010 to 2013, the coconspirators then...

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...

If you had to pay $11/month for unlimited health care cost coverage, you might think health care costs aren't a problem. If you are a Democrat and had to pay $55/month for unlimited health care cost coverage, you might support efforts to rein in health care costs. I believe, effective January 1, 2020, Section 36B(b)(2)(A)(ii) of the Internal Revenue Code of 1986 should read: ‘‘(ii) SPECIAL RULE FOR TAXPAYERS UNDER 133 PERCENT OF POVERTY LINE.—If a taxpayer’s household income for the taxable year is in excess of 100 percent, but not more than 133 percent, of the poverty line for...

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...

Does the leadership of this party have actual, diagnosable brain damage? Of all the places in the tax code they could try to find some extra revenue, the supposedly pro-life GOP decides to squeeze … middle-class adoptive families?While funding Planned Parenthood in their budget?While our billionaire president is grumbling privately to Democrats that they should repeal the estate tax, which only bites the mega-rich?We’re past the point of wondering whether the GOP wants to lose. The question now is whether they deserve to lose. Judging from this account by Haley Byrd of the IJR, all signs point to yes:...

House Speaker Paul Ryan (R-WI) defended the repeal of the adoption tax credit in the GOP’s current tax reform bill Wednesday following pushback from fellow Republicans and pro-life organizations. "It is a tax credit that goes to higher income individuals. Middle and lower income people don't get it today," Ryan said during a discussion on the tax reform bill held by the Washington Examiner.

Ever since the election of Donald Trump, electric vehicle enthusiasts feared the possibility of the federal government slashing the $7,500 federal tax credit given at the purchase of a new battery-powered car. Now those fears are coming closer to reality as reports suggest that the program has been removed as part of the new House tax bill.