Carper Statement on Updated Treasury EV Tax Credit Guidance
WASHINGTON, D.C. — U.S. Senator Tom Carper (D-Del.), Chairman of the Senate Environment and Public Works Committee and a senior member of the Senate Finance Committee, today released the following statement on the U.S. Department of the Treasury’s updated guidance for implementing the Section 30D new electric vehicle (EV) tax credit in the Inflation Reduction Act.
“First, it’s important to note that electric vehicles are becoming increasingly affordable for Americans, thanks in no small part to the Inflation Reduction Act. That’s great news for our planet and for consumers,” said Senator Carper. “At the same time, the law’s incentives are encouraging American automakers to build out domestic supply chains and factories — to ensure that the materials and parts going into the vehicles are also made here in the United States — which will likely take some time. With all that in mind, I’m pleased to see the Biden Administration issue guidance that takes a reasonable, balanced approach, helps get more electric vehicles on our roads today, and provides a roadmap to ensure that the clean cars of the future are American-made.”
BACKGROUND
To be eligible for the full $7,500 30D credit under the Inflation Reduction Act, electric vehicles must meet sourcing requirements for both the critical minerals and battery components contained in the vehicle. Vehicles that meet one of the two requirements are eligible for a $3,750 credit.
Senator Carper helped secure tax credits for electric vehicles and EV charging infrastructure in the Inflation Reduction Act, as well as historic investments for EV charging infrastructure in the Bipartisan Infrastructure Law. Carper has also called for stronger federal standards to reduce greenhouse gas emissions from light-duty vehicles. In a May 3, 2021 letter to U.S. Environmental Protection Agency (EPA) Administrator Michael Regan, Carper called for EPA to adopt national standards that would eliminate tailpipe pollution from all new cars by 2035. In March 2023, Carper applauded earlier guidance by the Department of Treasury for the implementation of the 30D credit.
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