.Sen_JoeManchin threatened to take the Biden administration to court if the USTreasury Department's impending guidance for the revised electric vehicle tax credit doesn't implement its sourcing provisions as he intended.
Treasury's guidance, which will articulate what manufacturers must do to comply with rules relating to battery components and critical minerals in the Inflation Reduction Act, has been delayed several months as the administration irons out the requirements. The delay has angered Manchin, chief author of the law, as have indications that the administration may implement the requirements more loosely than he intended.
The Inflation Reduction Act includes language providing that for vehicles to be eligible for the full consumer clean vehicle credit, the vehicle must be assembled in North America, and its battery components and critical minerals must come in increasing shares from specific countries, including but wholly not limited to the United States.
Manchin included the provisions with the intention of building clean vehicle supply chains and reducing dependency on Chinese mineral processing and battery manufacturing.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Justice Department moves to end consent decree with Seattle Police Department | CNN PoliticsThe Justice Department moved Tuesday to end a consent decree with the Seattle Police Department, bringing to a close more than a decade of federal supervision of the police department.
Read more »
House investigators follow trail of Treasury red flags on Biden clan’s lucrative foreign dealsLawmakers want to know how much money President Biden’s family and their business associates may have reaped from deals made in the years he served as vice president and beyond, and the trail begins at the Treasury Department’s dozens of suspicious activity reports for Biden-related business transactions.
Read more »
West Virginia AG Morrisey to make 'important announcement' as he considers challenging Sen. Joe ManchinWest Virginia Attorney General Patrick Morrisey, a Republican, will make an “important announcement' next week as rumors about his future political ambitions swirl.
Read more »
Gold Price Forecast: XAU/USD rebound appears elusive amid firmer United States Treasury yieldsGold price (XAU/USD) grinds higher around $1,960 as it snaps a two-day downtrend during early Tuesday, despite upbeat United States Treasury bond yiel
Read more »
UK Treasury drops plans for Royal Mint NFTThe NFT initiative was initially proposed by Prime Minister Rishi Sunak while serving as the chancellor in April 2022, however, the initial concept still remains unclear.
Read more »
Stocks gain, US treasury yields rise as banking fear easesGlobal stocks and U.S. bond yields rose on Tuesday, as a U.S. regulator-backed deal by First Citizens BancShares to buy failed Silicon Valley Bank soothed wider worries about problems in the sector.
Read more »