© Reuters. SUBMIT PICTURE: Sen. Joe Manchin (D-WV) leaves the U.S. Capitol in Washington, U.S., September 27, 2022. REUTERS/Mary F. Calvert
(Reuters) – Senate Energy and Natural Resources Committee chair Joe Manchin on Thursday advised the U.S. Treasury to stop briefly application of industrial and customer electrical car tax credits.
The U.S. Treasury on Thursday provided assistance that will enable car manufacturers to make the most of industrial car tax credits for customer leasing that do not have the exact same rigorous battery sourcing guidelines that remain in customer purchase credits focused on moving U.S. supply chains far from China.
Manchin stated the Treasury assistance “bends to the desires of the companies looking for loopholes and is clearly inconsistent with the intent of the law. It only serves to weaken our ability to become a more energy secure nation.”