Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Department of the Treasury relating to "Clean Vehicle Credits Under Sections 25E and 30D; Transfer of Credits; Critical Minerals and Battery Components; Foreign Entities of Concern".

8/9/2024, 8:26 AM

This joint resolution nullifies the rule titled Clean Vehicle Credits Under Sections 25E and 30D; Transfer of Credits; Critical Minerals and Battery Components; Foreign Entities of Concern, which was issued by the Internal Revenue Service on May 6, 2024. The rule provides guidance on the transfer of any new clean vehicle tax credit or previously owned clean vehicle tax credit amounts to dealers that are eligible to receive advance payments of such tax credits. The rule also establishes the requirements for determining if the battery components and applicable minerals contained in a vehicle battery comply with foreign entity of concern restrictions.

Bill 118 hjres 148, also known as the "Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Department of the Treasury relating to 'Clean Vehicle Credits Under Sections 25E and 30D; Transfer of Credits; Critical Minerals and Battery Components; Foreign Entities of Concern'", is a piece of legislation that aims to challenge a rule proposed by the Department of the Treasury.

The rule in question pertains to various aspects of clean vehicle credits, including sections 25E and 30D, as well as the transfer of credits, critical minerals and battery components, and foreign entities of concern. The Department of the Treasury's rule likely outlines specific guidelines and regulations related to these topics.

The purpose of Bill 118 hjres 148 is to express congressional disapproval of the Department of the Treasury's rule under chapter 8 of title 5, United States Code. This means that Congress is seeking to reject or overturn the rule proposed by the Department of the Treasury. It is important to note that this summary is based on factual information and does not take a partisan stance on the legislation. The goal is to provide a clear and concise overview of Bill 118 hjres 148 for readers at a 10th grade reading level.
Congress
118

Number
HJRES - 148

Introduced on
2024-05-16

# Amendments
0

Sponsors
+5

Cosponsors
+5

Variations and Revisions

7/18/2024

Status of Legislation

Bill Introduced
Introduced to House
House to Vote
Introduced to Senate
Senate to Vote

Purpose and Summary

This joint resolution nullifies the rule titled Clean Vehicle Credits Under Sections 25E and 30D; Transfer of Credits; Critical Minerals and Battery Components; Foreign Entities of Concern, which was issued by the Internal Revenue Service on May 6, 2024. The rule provides guidance on the transfer of any new clean vehicle tax credit or previously owned clean vehicle tax credit amounts to dealers that are eligible to receive advance payments of such tax credits. The rule also establishes the requirements for determining if the battery components and applicable minerals contained in a vehicle battery comply with foreign entity of concern restrictions.

Bill 118 hjres 148, also known as the "Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Department of the Treasury relating to 'Clean Vehicle Credits Under Sections 25E and 30D; Transfer of Credits; Critical Minerals and Battery Components; Foreign Entities of Concern'", is a piece of legislation that aims to challenge a rule proposed by the Department of the Treasury.

The rule in question pertains to various aspects of clean vehicle credits, including sections 25E and 30D, as well as the transfer of credits, critical minerals and battery components, and foreign entities of concern. The Department of the Treasury's rule likely outlines specific guidelines and regulations related to these topics.

The purpose of Bill 118 hjres 148 is to express congressional disapproval of the Department of the Treasury's rule under chapter 8 of title 5, United States Code. This means that Congress is seeking to reject or overturn the rule proposed by the Department of the Treasury. It is important to note that this summary is based on factual information and does not take a partisan stance on the legislation. The goal is to provide a clear and concise overview of Bill 118 hjres 148 for readers at a 10th grade reading level.
Alternative Names
Official Title as IntroducedProviding for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Department of the Treasury relating to "Clean Vehicle Credits Under Sections 25E and 30D; Transfer of Credits; Critical Minerals and Battery Components; Foreign Entities of Concern".

Policy Areas
Finance and Financial Sector

Comments

Recent Activity

Latest Summary1/17/2025

This joint resolution nullifies the rule titled Clean Vehicle Credits Under Sections 25E and 30D; Transfer of Credits; Critical Minerals and Battery Components; Foreign Entities of Concern, which was issued by the Internal Revenue Service...


Latest Action7/18/2024
Placed on the Union Calendar, Calendar No. 495.