 Energy & Environment |
Energy & Environment |
|
|
EV tax credit changes take effect for 2024 |
Some electric vehicle (EV) models will lose eligibility for consumer tax credits, but drivers will now be able to access the credit upfront. |
© Illustration / Courtney Jones; and Adobe Stock |
Tax credits for consumers who purchase EVs were extended and expanded in 2022's Inflation Reduction Act.
But that law also included stipulations that are now taking effect, making some models ineligible for some or all of the credit, which can be up to $7,500.
Sam Abuelsamid, an analyst with Guidehouse Insights, told The Hill that the Tesla Model 3's credit will be cut in half, while Ford's Mustang Mach-E, which was previously eligible for the $3,750 credit, will be fully disqualified. Some GM vehicles could also temporarily lose eligibility, he said. This is because of stipulations that prevent crediting vehicles made with components that come from "foreign entities of concern" — such as companies tied to the governments of China, Iran, North Korea or Russia. On the other hand, consumers will now be able to get their tax credit when they purchase the car, instead of claiming it the next year on their taxes. Read more in a full report at TheHill.com. |
Welcome to The Hill's Energy & Environment newsletter, we're Rachel Frazin and Zack Budryk — keeping you up to speed on the policies impacting everything from oil and gas to new supply chains. |
|
|
How policy will affect the energy and environment sectors now and in the future: |
|
|
The Environmental Protection Agency (EPA) has granted Louisiana the right to approve projects that store carbon dioxide underground. |
| |
| California snowpack levels are lingering at just 25 percent of the to-date seasonal average, state water officials announced Tuesday. |
| |
|
The Treasury Department estimates more than 7,000 auto dealers have registered to provide the new point-of-sale tax credit for purchase of an electric vehicle beginning Jan. 1. |
| |
|
Branch out with a different read on The Hill: |
|
|
California lawmakers in the new year will weigh whether to streamline the process of obtaining permits to grow and sell cannabis in the state, in an effort to bolster small businesses. |
|
|
News we've flagged from other outlets touching on energy issues, the environment and other topics: |
|
|
Two key stories on The Hill right now: |
|
|
House Republicans' already-slim majority will dwindle even further later this month when Rep. Bill Johnson (R-Ohio) resigns earlier than expected. Read more |
| Former White House ethics lawyer Jim Schultz, who served under the Trump administration, predicted Monday that former President Trump will “swiftly” lose his claim for immunity as he faces multiple federal indictments. Read more |
|
|
Op-eds related to energy & environment submitted to The Hill: |
|
|
You're all caught up. See you tomorrow! |
1625 K Street NW, 9th Floor, Washington, DC 20006 |
Copyright © 1998 - 2024 Nexstar Media Inc. | All Rights Reserved. |
|
|
|
If you believe this has been sent to you in error, please safely unsubscribe.
No comments:
Post a Comment