Latest news with #taxcredit
Reuters
3 hours ago
- Automotive
- Reuters
Senate Republicans seek to end EV tax credit by September 30
June 28 (Reuters) - U.S. Senate Republicans late Friday released a revised a tax and budget bill that would end the $7,500 tax credit on new electric vehicle sales and leases on Sept. 30 as well as the $4,000 tax credit for used EVs. The prior proposal would have ended the credit for new and used sales 180 days after the bill was signed into law and immediately ended the credit for leased vehicles not assembled in North America and meeting other requirements. Republicans have taken aim at EVs on a number of fronts, a reversal from former President Joe Biden's policy that encouraged electric vehicles and renewable energy to fight climate change and reduce emissions.
Yahoo
9 hours ago
- Yahoo
Victorville resident among 4 in California arrested in massive $93M COVID-19 fraud scheme
A Victorville resident was among four Southern California suspects arrested by federal prosecutors Friday in connection with the largest-ever COVID-19 benefits fraud scheme, including two who are additionally accused of shooting and trying to kill the group's ringleader to avoid prosecution, authorities said. All four defendants face federal charges for their alleged roles in "a $93 million COVID-19 tax credit fraud scheme — considered to be the largest ever identified," the U.S. Department of Justice announced in a written statement. Joyce Johnson, 55, of Victorville; Kristerpher Turner, 52, of Harbor City; Toriano Knox, 55, of Los Angeles; and Kenya Jones, 46, of Compton were all named in a federal grand jury indictment alleging conspiracy to commit mail fraud, mail fraud and conspiracy to submit false claims, prosecutors said. Knox and Jones each face additional counts of attempting to kill a witness and using a firearm in furtherance of that crime. The alleged fraud scheme, which the DOJ said was headed by Turner, revolved around federal "sick and family wage credits," also known as "Coronavirus Response Credits," authorized by Congress in response to the global pandemic. Under the program, small businesses were able to seek tax refunds meant to reimburse owners for wages paid to employees who were unable to work because of the pandemic and its resulting restrictions. "Turner operated a tax fraud scheme whereby he and his co-conspirators would submit fraudulent forms to Coronavirus Response Credits for businesses, including bogus companies, that did not pay any sick and family wage credits to any employees at any time," according to the statement. The defendants are accused of filing for fraudulent benefits on behalf of their own businesses, as well as creating fake businesses and recruiting other business owners to join in the scheme. Such "fraud clients" included friends, family members, and romantic partners of the co-conspirators, according to the DOJ." "For each fraud client that obtained Treasury checks through this conspiracy, defendant Turner would charge a percentage of the fraud proceeds that amounted to somewhere between 20 to 40 percent of funds received," the DOJ statement said. The suspected scammers applied for nearly $248,000,000 in fraudulent tax refunds on behalf of at least 148 companies between 2020 and 2024, prosecutors alleged. "In reliance on the fraudulent forms and the false statements, the IRS issued Treasury checks in the total amount of at least approximately $93 million," the statement said. Prosecutors said that as the fraud continued and the investigators continued drawing closer to the alleged criminal enterprise, the group members began to turn on one another. "According to the indictment, on or about August 29, 2023, defendants Knox, Jones, and others known and unknown to the grand jury, attempted to kill defendant Kristerpher Turner in order to prevent him from speaking to law enforcement about the fraud," according to the DOJ statement. Turner was shot multiple times "in broad daylight" at a Gardena office park, officials said. He survived the shooting but was left paralyzed by his injuries. If convicted as charged, Turner and Johnson could each face up to 20 years in federal prison, while Knox and Jones could face potential life imprisonment. The case was investigated by the FBI, the IRS, and the U.S. Treasury Inspector General for Tax Administration. This article originally appeared on Victorville Daily Press: DOJ: California High Desert resident accused in $93M COVID fraud
Wall Street Journal
11 hours ago
- Business
- Wall Street Journal
California Expands Film and TV Tax Credits to Lure Production Back to Hollywood
California state lawmakers approved an expanded $750 million tax credit program to bring film and TV production back to Los Angeles. The legislators voted Friday to increase the tax credits up from the $330 million currently available. California Gov. Gavin Newsom, who had proposed expanding the incentive program, is expected to sign it into law.
Washington Post
15 hours ago
- Business
- Washington Post
Republican plan for nationwide private school vouchers deemed in violation of Senate rules
WASHINGTON — A Republican plan to expand private school vouchers nationwide was dealt a major setback Friday when the Senate parliamentarian said the proposal would run afoul of procedural rules. The years-in-the-making plan would have created a federal tax credit supporting scholarships to help families send their children to private schools or other options beyond their local public schools. But in an overnight announcement, the Senate parliamentarian advised against including the proposal in President Donald Trump's tax cut and spending bill .
Yahoo
2 days ago
- Automotive
- Yahoo
Lucid's Marc Winterhoff: EV credits should stay for small brands through 2026 for fairness
Homegrown electric vehicle makers just getting started in the U.S. market should get the maximum time possible to enjoy the EV tax credit now on the chopping block in Congress, Lucid Motors interim CEO Marc Winterhoff told Automotive News. The extension of the $7,500 incentive through 2026 for EV newcomers such as Lucid would only be fair given that established brands have benefited from the credit for many years, Winterhoff said on the June 25 Daily Drive podcast. Republicans in Congress are debating two versions of a budget bill. The Senate proposal ends EV incentives within 180 days for all automakers. The House version extends credits through 2026 for EV makers that have yet to sell 200,000 EVs. Those over the cap would lose the tax credit at the end of this year. 'It's widely known we haven't yet sold 200,000 EVs. But many others in the past have, and they all had that credit,' Winterhoff said. 'And why would you now change it and basically make it very difficult for new players in the market?' Lucid, which launched the Air sedan in late 2021, sold about 21,000 vehicles in the 2021-2024 period. Lucid expects sales this year of about 20,000, including the new Gravity crossover. Although Lucid vehicles exceed the price caps for the EV sales credit, they qualify for the $7,500 through leasing rules. Lucid builds the Air and Gravity at its factory in Casa Grande, Ariz. Its headquarters are in Newark, Calif. As such, the company is supporting the Trump administration's goals of localizing automotive production, he said. Sign up for the weekly Automotive News Mobility Report newsletter for the latest developments at the intersection of transportation and technology. 'We made that decision already years ago to actually vertically integrate extensively here in the United States,' Winterhoff said. 'I definitely am a proponent that [the EV credit] stays as much as it can and also for the cap of up to 200,000.' Eventually, EV makers will have to succeed without incentives, Winterhoff said. 'I mean that's totally clear.' But the EV market is still in its early days and is passing through a difficult period, which is expected for such a seismic shift. 'I really think that this is a normal process in adoption of new technologies. We've seen this in many, many other instances as well,' Winterhoff said. Consumer anxiety over public charging infrastructure was the top issue for EV adoption a couple years ago, but affordability is the key concern now, Winterhoff said. As EV production scales, prices will come down to compete with combustion vehicles. 'EV is the solution for the future. We are 100 percent convinced about that,' Winterhoff said. Unlike traditional automakers, Lucid doesn't have to juggle gasoline vehicles and hybrids and decide where EVs fit into its business plan. 'The fact that we are EV-only is actually a good thing for us because we are completely focusing. Whereas other [automakers] have to right now make capital decisions about, are we going back to ICE completely? Are we going to hybrids? Are we going to EVs?' Lucid has already shown success in the difficult large sedan segment — despite relatively modest sales numbers — and has seen strong interest for its newly launched crossover, the Gravity, he said. Lucid plans to enter more mainstream luxury segments, starting with a crossover on its new midsize platform priced around $50,000 before shipping late next year, Winterhoff said. The Air starts at $71,400 with shipping and the Gravity at $96,550 with shipping. Lucid will produce three vehicles using the new architecture, giving it greater volume and scale. 'We have concrete plans for three top hats already,' Winterhoff said. Two will launch close together, starting with the first in late 2026. 'That is the product that we are really focused on right now because that will then give us also the demand and the volume,' he said. In the meantime, Lucid is ramping up production of the Gravity, which has gone more slowly than desired, Winterhoff said. He cited tariff headwinds rippling across the industry as one factor for the slow start, but also that Lucid wants to deliver its new crossover with 'perfect quality,' he said. 'As we speak, we're delivering additional cars. And the feedback is phenomenal,' Winterhoff said. 'Twenty-five years working in the automotive industry, I've never seen that positive feedback." Winterhoff was Lucid's COO from December 2023 to February this year when he was named interim CEO after former chief executive Peter Rawlinson stepped down. At that time, Lucid announced a search for a permanent CEO. Winterhoff is in the running for the job. Winterhoff previously was a senior partner at consulting firm Roland Berger for 12 years. 'I'm incredibly humbled to have this opportunity to be in this role for now,' Winterhoff said when asked about the status of the executive search. 'I'm not here focusing on running for CEO. I'm really focusing on conducting the business and making sure that we are successful.' Future Product Find our what powertrains, redesigns and freshenings are planned for the next four years. View the list Brand future product timelines Have an opinion about this story? Tell us about it and we may publish it in print. Click here to submit a letter to the editor. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
