News & Analysis as of

Inflation Reduction Act (IRA) Batteries Tax Credits

Kilpatrick

U.S. Government Clarifies that Chinese, Russian, North Korean, and Iranian Batteries Do Not Qualify for Clean Vehicle Tax Credits

Kilpatrick on

Just this month, the U.S. Government clarified that all vehicles sold with batteries manufactured in or made of critical minerals mined from China, Russia, North Korea, and Iran will be excluded from the $7,500 Section 30D...more

Holland & Knight LLP

Treasury Department, IRS Issue Final Rules Under Clean Vehicle Tax Credits

Holland & Knight LLP on

The Federal Register on May 6, 2024, published final regulations issued by the U.S. Department of the Treasury and IRS under the clean vehicle tax credits found at Sections 25E (previously owned clean vehicles) and 30D (clean...more

Perkins Coie

IRS Clean Vehicle Tax Credit Rule Adds Hurdles for Domestic Electric Vehicle Manufacturing

Perkins Coie on

The Internal Revenue Service (IRS) published a final rule on May 6, 2024, defining eligibility requirements for the clean vehicle credit under Section 30D of the Internal Revenue Code, enacted by the Inflation Reduction Act...more

Allen Matkins

Renewable Energy Update 5.07.24

Allen Matkins on

Governor Gavin Newsom said on April 25 that California continued to rapidly add the battery storage that is crucial to the transition to cleaner energy, but admitted it was still not enough to avoid blackouts during heat...more

Pillsbury - Global Trade & Sanctions Law

China Year-in-Review: Securing the Battery Supply Chain

During 2023 both Congress and the Biden Administration repeatedly expressed the need to secure critical supply chains, particularly batteries that rely heavily on lithium and critical minerals sourced from China. Concerns...more

Mayer Brown

Proposed Regulations on Section 45X Advanced Manufacturing Production Tax Credit

Mayer Brown on

On December 14, 2023, the Department of Treasury (“Treasury”) and the Internal Revenue Service (“IRS”) released proposed regulations to implement the Section 45X advanced manufacturing production credit established by the...more

BakerHostetler

Overview of the Proposed Regulations for Advanced Manufacturing Credits Under Section 45X

BakerHostetler on

As covered in our prior alerts, the Inflation Reduction Act enacted new renewable energy credits, including an advanced manufacturing production credit under Section 45X that provides tax credits to domestic producers and...more

Holland & Knight LLP

An In-Depth Look at Section 45X Proposed Regulations

Holland & Knight LLP on

The U.S. Department of the Treasury and IRS on Dec. 14, 2023, released Proposed Regulations regarding the Section 45X Advanced Manufacturing Production Credit of the Internal Revenue Code. (See Holland& Knight's previous...more

Foley & Lardner LLP

Electrified Industrial Policy: IRS Proposed Regulations on Section 30D EV Tax Credits & EV Manufacturing Grants

Foley & Lardner LLP on

The Inflation Reduction Act of 2022 (the “IRA”) and the Infrastructure Investment and Jobs Act of 2021 (the “IIJA”) set in motion an ongoing series of changes that are aimed at transforming, among other things, the automotive...more

Sheppard Mullin Richter & Hampton LLP

Tax Credits for Electric Vehicle Batteries Under the Inflation Reduction Act: Free Trade Agreement Edition

On March 31, 2023, the U.S. Department of Treasury and Internal Revenue Service (IRS) released proposed guidance clarifying how manufacturers may meet the critical minerals and battery sourcing requirements for the clean...more

Perkins Coie

IRS Issues Guidance on Battery Sourcing Requirements for Clean Vehicle Tax Credits

Perkins Coie on

The Internal Revenue Service (IRS) published guidance on April 17, 2023, in the form of a Notice of Proposed Rulemaking (NPRM), detailing the critical minerals and battery components requirements under Section 30D of the...more

Holland & Knight LLP

Treasury Department, IRS Release Clean Vehicle Tax Guidance

Holland & Knight LLP on

The U.S. Department of the Treasury and IRS have released several pieces of guidance regarding the tax incentives for clean vehicles provided under Sections 30D (new clean vehicle credit), 25E (previously owned vehicle...more

Katten Muchin Rosenman LLP

Treasury and IRS Release Proposed Regulations on Consumer Electric Vehicle Tax Credits

On March 31, the Treasury Department and the Internal Revenue Service (IRS) released proposed regulations under Section 30D of the Internal Revenue Code (Code), focusing primarily on the critical mineral and battery component...more

McGuireWoods Consulting

Guidance on Inflation Reduction Act 30D EV Tax Credits

Background - On March 31, 2023, the Treasury Department released proposed guidance on the battery component and critical mineral sourcing requirements for the 30D tax credit under the Inflation Reduction Act (IRA)....more

Brownstein Hyatt Farber Schreck

Treasury Department and IRS Solicit Industry Feedback on Proposed EV Tax Credit Regulations

On March 31, 2023, the Treasury Department and Internal Revenue Service (IRS) issued proposed regulations implementing the section 30D clean-vehicle tax credit enacted as part of the Inflation Reduction Act (IRA). The...more

Kelley Drye & Warren LLP

U.S. and Japan Reach Agreement on Critical Minerals and Treasury Releases Guidance on EVs

On March 28, 2023, the United States and Japan signed an agreement on trade in critical minerals used in electric vehicle (“EV”) batteries (“Agreement Between the Government of Japan and the Government of the United States of...more

Kilpatrick

New U.S.-Japan Critical Minerals Trade Deal Opens the Door to Inflation Reduction Act EV Tax Credit for Japanese Companies

Kilpatrick on

On March 28, 2023, the United States and Japan signed a bilateral trade agreement to strengthen supply chains of critical minerals involved in electric vehicle battery production and to “ensure the free trade of such critical...more

Morgan Lewis - Power & Pipes

Electric Vehicle Manufacturers: Treasury Proposes Critical Mineral, Battery Component Requirements for Tax Credits

The US Department of Treasury issued its long-awaited proposed guidance on March 31, 2023 to implement the critical mineral and battery component watershed requirements of the Inflation Reduction Act (IRA), which...more

Foley & Lardner LLP

IRA Tax Credits Benefit Energy and Manufacturing

Foley & Lardner LLP on

The passage of the Inflation Reduction Act (IRA) in August of last year saw the introduction of a number of new and expanded tax credits aimed at boosting onshore American manufacturing. These incentives represent...more

ArentFox Schiff

The Inflation Reduction Act's EV Tax Credits: Supply Chain Challenges and Bridge Solutions Under US Trade Rules

ArentFox Schiff on

Passed in August of this year, the Inflation Reduction Act (IRA) was heralded by many as a landmark piece of climate legislation in the United States. The IRA’s tax credits for electric vehicles were among its most...more

BakerHostetler

Treasury Is Seeking Public Input on Implementing EV Tax Credit Under the Inflation Reduction Act of 2022

BakerHostetler on

Key Takeaways - ..The U.S. Department of the Treasury and the Internal Revenue Service are accepting public comments on the implementation of electric vehicle (EV) tax credits under the Inflation Reduction Act of 2022...more

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