The U.S. Treasury confirmed this week that it will issue guidance sometime next week on how the battery sourcing requirements of the Clean Vehicle Tax Credit (CVTC) will be implemented.
Following the meeting between President Joe Biden and European Commission President Ursula von der Leyen last Friday, the U.S. and E.U. announced that they will launch talks on a mineral pact that would allow E.U. manufacturers to qualify for at least part of the Clean Vehicle Tax Credit (CVTC) created by the Inflation Reduction Act.
President Joe Biden will meet today with European Commission President Ursula Von Der Leyen. Among the topics the two are expected to discuss is the Inflation Reduction Act (IRA), and in particular the climate provisions, including the Clean Vehicle Tax Credit (CVTC).
On Wednesday the Biden Administration released its 2023 trade policy agenda and annual report. In the report, the Office of the U.S. Trade Representative said that the U.S. will continue ongoing discussions on small, bilateral and regional pacts, and will focus heavily on worker-centered policies and enforcement of existing trade deals.
This week a bill to provide tax relief to dealers who use the Last-In, First-Out (LIFO) accounting method was reintroduced in the Senate. Senators Sherrod Brown (D-OH) and Tim Scott (R-SC) introduced the Supply Chain Disruptions Relief Act which would provide LIFO tax relief via Section 473 of the IRS Code by giving dealers who were unable to replace their new auto inventory during tax year 2020 and 2021 due to severe supply shortage a three year grace period.
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