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Republican House Speaker Mike Johnson confirmed that current discussions about the $7,500 federal tax credit for electric vehicles in the budget would “more likely than not” result in killing the EV incentive. The US Congress is back from its April pause, and negotiations over the federal budget continue. As part of the new budget, the Trump administration is pushing for further tax cuts that the new tariffs can’t compensate for. This will lead to an even bigger deficit, which Trump campaigned on fixing. Elon Musk’s DOGE effort was supposed to cut $2 trillion in expenses, but the target has since...

Subpart A—Nonrefundable Personal Credits Sec. 21.Expenses for household and dependent care services necessary for gainful employment. 22.Credit for the elderly and the permanently and totally disabled. 23.Adoption expenses. 24.Child tax credit. 25.Interest on certain home mortgages. 25A.American Opportunity and Lifetime Learning credits. 25B.Elective deferrals and IRA contributions by certain individuals. 25C.Energy efficient home improvement credit. 25D.Residential clean energy credit. 25E.Previously-owned clean vehicles. 26.Limitation based on tax liability; definition of tax liability. Subpart C—Refundable Credits Sec. 31.Tax withheld on wages. 32.Earned income. 33.Tax withheld at source on nonresident aliens and foreign corporations. 34.Certain uses of gasoline and special fuels. 35.Health insurance...

The best time to buy an electric vehicle may be right now. That’s because a $7,500 federal tax credit could soon disappear. President-elect Donald Trump has said he will move to eliminate the tax credit, possibly as soon as he takes office. It is even conceivable that the tax credit’s elimination could be made retroactive to the beginning of January, which would give EV buyers only a week left to be certain of locking in the credit. “I would be very inclined to say yes, it’s going away,” said Ivan Drury, director of insights at car buying site Edmunds. While...

The Adoption Tax Credit Refundability Act will help ensure families have the opportunity to experience the joy that adoption brings.I was adopted as a baby, one of countless children fortunate enough to be welcomed into a loving home. I am not alone: Lifelong Adoptions estimates that 100,000 children are adopted each year in the United States, and the Adoption Network reports that there are currently 4.5 million adopted children nationwide. That’s a lot of children and a lot of joyful parents — and new congressional legislation could send those numbers even higher.Families Need Support When Cost of Living Is HighAmidst...

Prospective car buyers considering an electric vehicle may need to act fast to get a Biden-era EV tax credit worth up to $7,500, due to the likelihood that President-elect Donald Trump and Republicans on Capitol Hill will axe those savings in tax negotiations next year, according to auto and legal experts. “There’s no question there’s real risk in the EV credit going away” in 2025, said Jamie Wickett, a partner at law firm Hogan Lovells who specializes in federal tax policy, energy and the environment. “If you’re a consumer in the market for an EV, I would without a doubt...

Nov 14 (Reuters) - President-elect Donald Trump's transition team is planning to kill the $7,500 consumer tax credit for electric-vehicle purchases as part of broader tax-reform legislation, two sources with direct knowledge of the matter told Reuters. Ending the tax credit could have grave implications for an already stalling U.S. EV transition. And yet representatives of Tesla (TSLA.O), opens new tab - by far the nation's biggest EV maker - have told a Trump-transition committee they support ending the subsidy, said the two sources, speaking on condition of anonymity.

Vice President Kamala Harris supports a parent tax credit, her campaign announced Friday, the same policy the Trump-Vance ticket advocates. It is not the first time Harris copied Trump’s populist agenda. She also copied Trump’s no tax on tips policy, a popular idea among service industry workers. “Kamala Harris copied President Trump on No Tax On Tips,” Republican communications guru Steve Guest posted on X. “Now she is copying JD Vance on a child tax credit”: Kamala Harris copied President Trump on No Tax On Tips. Now she is copying JD Vance on a child tax credit: pic.twitter.com/MR7bGKENtm — Steve...

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...