article thumbnail

Proposed Changes to Federal EV Tax Credit – Part 5: Making the Credit Refundable

EV Adoption

One of the biggest complaints about the federal electric vehicle (EV) tax credit (IRC 30D) is that its structure of using a non-refundable tax credit is clearly more beneficial to higher-income households. How the Current Tax Credit Works For EV Buyers.

article thumbnail

EV tax credit score rules will have to be adopted, Manchin tells Treasury

Baua Electric

“My comment is simple: Follow the law,” he wrote in an 11-page letter to Treasury, explaining that the tax credit score’s objective is “no longer to promote the purchase and use of [EVs] … but to promote reliable domestic supply chains for the critical minerals and battery components” had to energy them.

article thumbnail

Eos Energy launches $500M Project AMAZE with $398.6M conditional loan guarantee from DOE; long-term zinc-based storage

Green Car Congress

Domestic production better positions Eos to access the 45X advanced manufacturing direct pay tax credits available under the IRA. The Eos Z3 battery contains predominately American components and is specifically designed for mass production and meeting low-cost, long-duration, grid-scale stationary energy storage needs.

article thumbnail

BNEF forecasts global energy storage market to grow 15-fold by 2030 to 411 GW/1194 GWh

Green Car Congress

However, while the new tax credit policy supports more growth based on BNEF’s long-term forecast, supply chain constraints cloud deployment expectations until 2024. Europe, however, is catching up with a significant ramp-up in capacity fueled by the current energy crisis.

article thumbnail

J.D. Power: First-time owners find switching to EVs highly satisfactory

Green Car Congress

More than half (62%) of these owners say they “definitely will” repurchase from the same brand. Among owners who cite incentives as a key purchase driver, 79% received a federal tax credit/rebate, but only 59% of that group say it was very easy to receive. PP100) and squeaks and rattles (13.4

Power 259
article thumbnail

ICCT suggests minor changes to Fed tax policy to cut higher investment risk of 2nd-gen biofuels and advance the industry

Green Car Congress

The study identified four specific changes to the US tax code that could help accelerate the commercialization of second-generation biofuels. While a Federal tax credit for the production of second-generation biofuels exists, its use has remained limited.

Tax 262
article thumbnail

US House Passes Algae-based Renewable Fuel Promotion Act

Green Car Congress

Harry Teague {NM-2] and 13 others, the bill amends the Internal Revenue Code to: expand the definition of cellulosic biofuel to include algae-based biofuel for purposes of the cellulosic biofuel producer tax credit; and. This would give algae-based biofuel tax parity with cellulosic biofuels with respect to a $1.01

Renewable 210