Biden Delivers State of the Union Address
This week President Joe Biden gave the State of the Union address, his first in front of a divided Congress. He touted legislative initiatives passed by the last Congress, including the CHIPS and Science Act, the Infrastructure Investment and Jobs Act, and the Inflation Reduction Act which includes the new Clean Vehicle Tax Credit (CVTC). He also announced new “Buy American” standards that will require all construction materials used in federal projects to be made in America. The announcement is just the latest in the administration’s “Made in America” initiatives which the president launched soon after taking office.
Also this week, the Energy Department announced a $2 billion loan to a battery recycling company in Nevada which it says will allow it to produce enough battery materials to build more than a million electric vehicles each year. To qualify for half of the $7,500 CVTC, cars will need to have at least 40 percent of their battery minerals sourced in the U.S. or from a nation with which the U.S. has a free trade agreement, with the content requirement increasing to 80 percent by 2027. The CVTC, with its more complicated requirements for qualifying for the full $7,500 tax credit, is still in the process of being implemented by the U.S. Treasury Department with battery guidance still pending.
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ICYMI
Check out the first Chairman’s Blog from new AIADA Chairman Mike DeSilva, “Be Prepared.”
Quotes of the Week
“Year after year, events have a way of overtaking both our industry and America’s politics. Whether it’s a global pandemic, contentious elections, an unforeseen recession, devastating product shortages, or surprise legislation, one thing AIADA’s members understand is that we need to be prepared for anything and everything.”
-Mike DeSilva, AIADA Chairman (www.aiada.org)
“Trade was conspicuously absent from President Biden’s State of the Union address.”
-Suzanne Clark, CEO and President, U.S. Chamber of Commerce (Politico)
Friday Feel Good
Here is just one recent example of how dealers are doing good in their communities:
Randy Wise Automotive in Michigan donated $147,982 in 2022 to the United Way. In total, the Randy Wise Automotive team has given over $1,000,000 in lifetime donations to the United Way organization.
We want to hear more about how you are supporting your local community – tweet us at @AIADA_News and use the hashtag #DealersDoGood.
