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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

Summary of Bill HJRES 148

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.

Congressional Summary of HJRES 148

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.

Current Status of Bill HJRES 148

Bill HJRES 148 is currently in the status of Bill Introduced since May 16, 2024. Bill HJRES 148 was introduced during Congress 118 and was introduced to the House on May 16, 2024.  Bill HJRES 148's most recent activity was Placed on the Union Calendar, Calendar No. 495. as of July 18, 2024

Bipartisan Support of Bill HJRES 148

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
30
Democrat Cosponsors
2
Republican Cosponsors
28
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HJRES 148

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill HJRES 148

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".
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".

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