Tag: tax credits

Number of EVs Eligible for Tax Credits Plummet as U.S. Seeks to Shrink Reliance on China’s Supply Chain

Connecticut Star Staff
EV VW

The number of electric vehicles (EV) that qualify for tax credits fell from 43 to 19 on Monday following new rules about the number of components in the vehicle that can be made by China and other foreign entities, according to Reuters.

On Dec. 1, 2023, the Treasury Department released guidance for which EVs are eligible for its $7,500 tax credit, requiring vehicles to have at least 60% of battery components and 50% of total critical minerals used not be from a foreign entity of concern like China starting in 2024. Vehicles that are impacted by the changes include the Volkswagen ID.4, Tesla Model 3 Rear Wheel Drive, BMW X5 xDrive 50e, Audi Q5 PHEV 55, Cadillac Lyriq and Ford E-Transit, losing eligibility for the credit, according to Reuters.

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Biden-Favored EV Bus Maker Proterra Goes Bust and Leaves a Trail of Broken and Irreparable Buses

Just the News

Across the country, towns and cities of various sizes envisioned an electrified public transit system that could shuttle residents with vehicles that produced no carbon-filled exhaust.

Many of those communities purchased buses from Silicon Valley-based Proterra, which was able to produce 550 buses over its 19-year existence before it went bankrupt in August.

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Connecticut Lawmakers Weigh Plan to Scrap Film Tax Credits

The Center Square

Connecticut lawmakers are considering a plan to scrap a controversial tax credit that has been criticized as a giveaway for big Hollywood movie studios.

A new proposal filed by several lawmakers would phase out the state’s film tax program, which doles out tens of millions of dollars each year in tax credits for movie and TV productions. 

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Ted Cruz Bills Aim to Advance School Choice Across the Country Through Tax Credits, 529 Expansion

Admin

Sen. Ted Cruz, R-Texas, commemorated National School Choice Week by filing two bills to advance school choice, one of which his staff said would be the most significant educational reform since the GI bill. “We need to provide students with a variety of educational options to fit their needs,” Cruz told The Daily Signal in an email statement Tuesday. “I have often said that school choice is the civil rights issue of the 21st century, and I believe no differently today than I did when I began serving in the Senate a decade ago.

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