President Joe Biden is urging Americans to go out and take advantage of new tax credits...
that would limit rebates to vehicles with components that meet specific rates of domestic manufacturing.
"If you’ve been thinking about making the switch to an Electric Vehicle, consider this your green light,"Earlier in the week Biden trumpeted the tax credit on Twitter, claiming it would allow,"millions of consumers to ditch the pump and easily switch to an EV." Under the law, at least 50 percent of the value of the vehicle's battery components have to be manufactured or assembled in North America in order to claim the tax credit. And at least 40 percent of the value of the battery's minerals have to be mined or processed in countries where the U.S. has a free trade agreement.according to a report by the International Energy Agency in July.
The domestic content requirements contained within the Inflation Reduction Act have been an ongoing source of tension in Washington,But the administration and its allies in Congress are eager to see clean energy companies shift manufacturing jobs back to the United States.
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