The United States Treasury Department has announced that guidance will be released on requirements for EV tax subsidies, Reuters reports.
Information will be released next week on the tax subsidies under President Biden’s Inflation Reduction Act.
The rules released next week will apply to “sourcing requirements,” with more to follow in coming months addressing “bonus tax credits for clean energy projects sited in fossil fuel- dependent communities, those built with domestically produced equipment, and those paying workers prevailing wages and employing apprentices.”
The Inflation Reduction Act was signed into law last year. Since then, the “auto, battery, and clean energy industries” have sought answers from the government to “complex questions governing eligibility for hundreds of billions of dollars of incentives.”
The Treasury Department will also provide insight on selling and refunding tax credits, allowing “entities without tax liability to use them.” Release dates for future guidance have not yet been disclosed.