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Manchin Introduces Bill to Amend EV Tax Credit On Wednesday, Senator Joe Manchin (D-WV) introduced legislation that would amend the Inflation Reduction Act and its Clean Vehicle Tax Credit (CVTC) by directing the U.S. Treasury Department to immediately deny the $7,500 tax credit for vehicles that do not meet battery sourcing requirements. The American Vehicle Security Act would be retroactive to January 1, potentially requiring some customers who received the credit since January 1 to pay it back. The Treasury Department announced late last year that it would delay issuing rules on the law’s battery requirements until March, but this legislation would effectively decouple the requirement from Treasury’s guidance, even more severely limiting the number of vehicles eligible for the credit. Yesterday, Senator Manchin attempted to pass his bill in the Senate by unanimous consent, but Senator Debbie Stabenow (D-MI) objected, blocking the effort. Also this week, it was reported that the U.S. and the E.U. are discussing a deal to allow the E.U. to qualify as a provider of minerals and raw materials under the CVTC’s battery rules. Allies and trading partners, including Japan, South Korea and the E.U., have all been weighing in with the Biden Administration on their concerns about the discrmininatory nature of the new credit.
Get to Know the New Congress – Sign Up for a Dealer Visit! Quotes of the Week "We don't want to see them picking winners and losers in the market. We want to see them implement it fairly, so everybody has a level playing field.” -Mike DeSilva, Incoming AIADA Chairman (Automotive News) “While we saw a lot of bad legislation targeted at us in 2022, it is no different than what we faced in 1970. The one constant over the last 50+ years has been AIADA. Through thick and thin, AIADA is there for its members. When I became a car dealer, it was a no-brainer that I would do anything I could to support AIADA — it is a vital insurance policy for your business.” -John Connelly, Outgoing AIADA Chairman (www.aiada.org) ICYMI In case you missed it, check out the final blog from outgoing AIADA Chairman John Connelly, History Repeats Itself. Don’t Miss If you’re in Dallas for the NADA Show, don’t miss the AIADA Chairman’s Reception TONIGHT!
Friday, January 27 from 5:30PM-8:30PM Friday Feel Good Here is just one recent example of how dealers are doing good in their communities: We want to hear more about how you are supporting your local community – tweet us at @AIADA_News and use the hashtag #DealersDoGood. |
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