Yea, don't let corporations lose their welfare.
Yea, don't let corporations lose their welfare.
U.S. Sen. Raphael Warnock urged the U.S. Treasury secretary Friday to use “maximum flexibility” in implementing a revised tax credit for Americans buying electric vehicles, a perk that Hyundai stands to lose as the automaker invests billions of dollars to open its first American EV plant in the Democratic senator’s home state of Georgia.
Warnock sent a letter to Treasury Secretary Janet Yellen raising concerns that the revised tax credit President Joe Biden signed last month as part of a sweeping climate and health law could place some automakers at a competitive disadvantage. That’s because the new law says the credit of up to $7,500 only applies if the EVs and their batteries are manufactured in North America.
That means vehicles made by South Korea-based Hyundai would no longer qualify for the credit until the company starts producing EVs in Georgia, which isn’t expected until 2025.
Warnock (who voted for the bill, by the way) wants Yellen to act unilaterally to bypass the legislation to improvee his chances of willing reelection in November. A sitting US Senator asking an appointed bureaucrat to act illegally. Why am I not surprised, yet still disgusted?
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U.S. Sen. Raphael Warnock urged the U.S. Treasury secretary Friday to use “maximum flexibility” in implementing a revised tax credit for Americans buying electric vehicles, a perk that Hyundai stands to lose as the automaker invests billions of dollars to open its first American EV plant in the Democratic senator’s home state of Georgia.
>
Warnock sent a letter to Treasury Secretary Janet Yellen raising concerns that the revised tax credit President Joe Biden signed last month as part of a sweeping climate and health law could place some automakers at a competitive disadvantage. That’s because the new law says the credit of up to $7,500 only applies if the EVs and their batteries are manufactured in North America.
>
That means vehicles made by South Korea-based Hyundai would no longer qualify for the credit until the company starts producing EVs in Georgia, which isn’t expected until 2025.
Warnock (who voted for the bill, by the way) wants Yellen to act unilaterally to bypass the legislation to improvee his chances of willing reelection in November. A sitting US Senator asking an appointed bureaucrat to act illegally. Why am I not surprised, yet still disgusted?
(post is archived)