Treasury pauses the implementation of electric vehicle (EV) tax credits for commercial and consumer use.
The U.S. Treasury recently issued guidance that allows automakers to take advantage of commercial vehicle tax credits for consumer leasing, despite the fact that these credits do not have the same strict battery sourcing rules as consumer purchase credits. These rules were implemented to shift U.S. supply chains away from China.
Manchin believes this guidance "bends to the desires of the companies looking for loopholes and is inconsistent with the law's intent." He says it "only serves to weaken our ability to become a more energy-secure nation."