The Inflation Reduction Act’s tax incentives are designed to help cut the U.S.’s carbon emissions by half by 2030 and achieve net-zero emissions by 2050. But implementing $270 billion in new tax breaks isn’t going to be easy. Already, some electric vehicle (EV) manufacturers and countries such as South Korea are pushing back on the requirement that qualified EVs be made in North America. And in 2024, rules making EVs ineligible for incentives if they contain content from a “foreign entity of concern,” could affect vehicles with Chinese parts. The U.S. Treasury Department and the IRS are examining such issues so “as many eligible taxpayers as possible get credits provided by law.” Call or visit our website for more information! www.mjscpa.com/
