A Nominee, Tax Credits, And A Diesel Tax
Biden nominates Rollinson for IRS Chief Counsel. The Senate will take up the nomination of Marjorie Rollinson to replace Michael Desmond, who resigned in January 2021. Rollinson served in the IRS Office of Chief Counsel during the Obama and Trump administrations, rising to associate chief counsel (international) in 2016. If confirmed, she would assist the IRS and Treasury in navigating the implementation of tax provisions in the Inflation Reduction Act.
State historic tax credit renewed in Minnesota. Developers revitalizing historic buildings across the state are again eligible for a 20 percent state tax credit. The credit has been extended for eight years as part of a larger tax bill signed by Democratic Gov. Tim Walz. The credit is expected to cost Minnesota $27 million annually over the next four years. A University of Minnesota study claims that the projects generate about $10 in economic activity for every dollar of state tax credit awarded.
Tesla and Panasonic could get $41 billion in production tax credits. Thanks to the Inflation Reduction Act, the two companies could get billions in tax credits for manufacturing batteries. The numbers from Benchmark Mineral Intelligence – first reported by Bloomberg – also estimate that General Motors and LG could get $480 million in tax credits, while Ford won’t be getting any incentives until at least 2025.
Brazil considers reintroducing diesel fuel tax. Revenue from the federal tax could pay for a plan to cut car prices, reports Reuters. Former President Jair Bolsonaro had cut diesel taxes last year amid inflation and ahead of the presidential race. Bolsonaro lost to now President Luis Ignacio Lula da Silva, who wants to cut car prices. The tax could raise an estimated $607 million.
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