Treasury EV Tax Credit Rules Targeted in GOP Oversight Challenge

Republicans plan to bring a Congressional Review Act challenge to overturn Treasury Department final regulations on electric vehicle tax credits that Ways and Means Chair Jason Smith (R-Mo.) said would send US tax benefits to China.

Smith announced the move Friday, saying the motion to nix the Treasury EV tax credit rules would be one of several included in new legislation set for markup July 9.

“The Biden Treasury Department has finalized lenient rules that allow Chinese billionaires with unofficial ties to the Chinese Communist Party and Chinese battery manufacturers to receive U.S. tax subsidies,” Smith said in a statement. ...