TAX

The corporate minimum tax could hit these ultra-profitable companies

Updated August 12, 2022 at 4:07 p.m. EDT|Published August 11, 2022 at 6:00 a.m. EDT Cash effective tax rates of most-profitable companies since 2019 Berkshire Hathaway, Amazon and Intel paid less than 15 percent in taxes globally in each of the last three years Tech companies including Alphabet lower their tax bills by reporting income …

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How the EV tax credits in Democrats’ climate bill could hurt electric vehicle sales

Tesla cars charge next to a traditional Texaco gas station on July 17, 2022 in Nephi, Utah. With more electric cars on the road, lack of charging infrastructure is becoming more of a problem for EV owners. George Frey | Getty Images Proposed tax credits of up to $7,500 for electric vehicles under the Inflation …

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Auto makers warn most electric vehicles won’t qualify for federal tax credit

But the auto industry is warning that the vast majority of EV purchases won’t qualify for a tax credit that large. That’s mainly because of the bill’s requirement that, to qualify for the credit, an electric vehicle must contain a battery built in North America with minerals mined or recycled on the continent. And those …

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Most electric vehicles won’t qualify for Inflation Reduction Act tax credit

A tax credit of up to $7,500 could be used to defray the cost of an electric vehicle under the Inflation Reduction Act now moving toward final approval in Congress. But the auto industry is warning that the vast majority of EV purchases won’t qualify for a tax credit that large. That’s mainly because of the …

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It’s possible no electric vehicles will qualify for the new tax credit

Enlarge / Volkswagen is one of several automakers that are already assembling their EV battery packs locally. But the value of the materials that go into the pack will determine whether it qualifies for the revised clean vehicle tax credit. Volkswagen The Inflation Reduction Act of 2022 passed the United States Senate on Sunday and …

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No electric vehicles on the market today qualify for the new EV tax credit

Congress is poised to approve newly expanded tax credits for electric vehicles, but the rules are written in such a way as to effectively disqualify every EV that’s currently on the market today. That’s because most EVs run on lithium-ion batteries that are mostly made in China. The nation has a lock on some 76 …

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Automaker lobby group: 70% of EV models won't qualify for EV tax credit

Auto lobby group worries that most U.S. EVs disqualified for EV tax credit

Automaker lobby group Alliance for Automotive Innovation says that if additional sourcing requirements go into effect, U.S. automakers won’t qualify for the full credit. According to Reuters, these automakers have been privately expressing their worries about the proposal’s increasing requirements regarding batteries and critical mineral contents being sourced from the U.S. John Bozzella, head of …

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