By David Shepardson
WASHINGTON (Reuters) -White house adviser John Podesta said on Wednesday the Biden administration soon plans to released detailed guidance on how Americans can take advantage of new clean energy tax credits.
Podesta cited a number of clean energy tax credits approved in August as part of the $430 billion Inflation Reduction Act (IRA) including a revamped $7,500 electric vehicle tax credit and new $4,000 used vehicle tax credit. He also noted there are also new 30% tax credits for installing home heat pumps and other energy efficient technologies.
“We’ve got to get these technologies in homes all across America and we’ve got to do it as fast as possible,” Podesta said at a White House forum on electrification. “In a few days, the administration will be putting out detailed guidance to help Americans understand how to take advantage of these new tax credits and rebates and loan programs.”
The IRA ended $7,500 consumer tax credits for electric vehicles assembled outside North America, angering South Korea, the European Union, Japan and others.
Some automakers and foreign governments have been pressing the Treasury Department to take an expansive view of the EV tax credits to let more vehicles qualify. New rules take effect starting Jan. 1 but the auto industry needs guidance on many questions to determine eligibility.
U.S. Senator Joe Manchin, a Democrat who chairs the chamber’s energy panel, asked the Treasury Department on Tuesday not to allow a commercial electric vehicle tax credit to be used for consumer leasing, rental cars or ridesharing vehicle sales, rejecting a broad interpretation of the credit.
Source: Investing.com
