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Manchin bill would pause EV tax credit payouts
Proposed Minnesota nickel mine drives the EV debate
FOX Business’ Connell McShane reports from Tamarack, Minnesota, where a small town is fighting for the establishment of a nickel mine amid a shortage of the mineral.
Sen. Joe Manchin on Wednesday introduced legislation that is aimed at eliminating a delay in adding new restrictions to the consumer tax credit for electric vehicles.
The West Virginia Democrat took a shot at the Treasury Department and its move to temporarily delay the stipulations regarding the manufacturing and sourcing of minerals for EV batteries.
"It is unacceptable that the U.S. Treasury has failed to issue updated guidance for the 30D electric vehicle tax credits and continues to make the full $7,500 credits available without meeting all of the clear requirements included in the Inflation Reduction Act," the senator said in a statement. "The Treasury Department failed to meet the statutory deadline of December 31, 2022, to release guidance for the 30D credit and have created an opportunity to circumvent stringent supply chain requirements included in the IRA."
Manchin, the chair of the Senate Energy and Natural Resources Committee, said he had introduced the American Vehicle Security Act to direct the department to implement the 30D new vehicle tax credits for vehicles according to the law by requiring compliance with battery and battery material sourcing requirements as of Jan. 1, 2023.
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