Category: Tax Credits, Deductions and Exemptions

Energy Tax Credits, Meant to Help U.S. Suppliers, May Be Hard to Get

The Inflation Reduction Act contains tax breaks for solar and wind companies to buy American equipment. Qualifying won’t be easy.
Europe Frets U.S. Battery Factory Subsidies Will Hurt, Not Help

The European Union is trying to assemble the building blocks to produce electric cars, but subsidies are luring companies to the United States.
Contributions to College Savings Plans Pick Up as Inflation Eases

Deposits into 529 savings accounts fell last fall and early this year. But experts say the stock market recovery is helping to attract more money.
How the Employee Retention Tax Credit Became a Magnet for Fraud

The Employee Retention Credit has spawned a cottage industry of firms claiming to help businesses access stimulus funds, often in violation of federal rules.
I.R.S. Acknowledges Black Americans Face More Audit Scrutiny

The commissioner, Daniel Werfel, said the agency was working to correct unfairness in the enforcement of the tax code.
U.S. Solar Makers Criticize Biden’s Tax Credits as Too Lax on China

U.S.-based manufacturers of solar products say rules issued by the Biden administration on Friday will “cement China’s dominance” over the solar industry
Biden’s Climate Tax Breaks Are Popular, Driving Up Law’s Cost

A law to boost clean energy appears to be more potent than predicted, with big implications for both budget talks and efforts to fight climate change.
You Can Still File Your 2019 Taxes if You’re Due a Refund

The forms were originally due in the early days of the pandemic. The I.R.S. estimates that 1.5 million people are owed money, but they must file by July 17.
Electric Vehicle Tax Credit Rules Create ‘Chaos for Consumers’

Buying an electric car has become much more complicated because of restrictions on which models qualify for a federal tax credit of up to $7,500.
Tesla’s Profit Dropped Sharply in First Quarter as It Cut Prices

The electric carmaker has reduced prices by thousands of dollars this year to bolster demand and fend off competition.
U.S. Car Brands Will Benefit Most From Electric Vehicle Tax Breaks

Rules that take effect on Tuesday will limit the $7,500 credits to electric cars made domestically with minerals from the U.S. or trade allies.
What to Know About Buying Electric Cars and the New Emissions Rule

Here is what car buyers need to know about the Biden administration’s proposal to push the auto industry to sell more electric cars.