Transcripts For CSPAN Washington 20240704 : comparemela.com

Governor and the miami mayor, tuesday night former Vice President mike pence. Thursday night, former South Carolina governor and the u. S. Ambassador to the u. S. , nikki haley. On friday night, florida governor, ron desantis. Fireside chat with republican president ial candidates, this week at 9 p. M. Eastern on cspan and online at cspan. Org. One year ago President Biden signed the Inflation Reduction Act, which included tax credit provisions aimed at Energy Efficiency and Energy Efficient Home Improvements. Lets understand some of the background. Erin slowey is with bloomberg tech. Guest thank you for having me. Host we had a caller asking about the home charging. If one were to improve ones home charging, are there tax credits available for upgrading your home to be easier to charge your electric vehicle . Guest yes, my understanding is there is a tax credit. Homeowners can update their garages but im not sure what the credit amount is for that but it is an option. Host give us a broad view of whats covered in this Clean Energy Tax credit. Guest which one a particular . Host lets start with the electric vehicles. Guest the electric vehicle tax credit is up to 7,500 for individuals. It depends on your income so there are thresholds whether filing jointly, it needs to be under 200,000. If you are under that threshold, you can potentially qualify for electric vehicle tax credit. On the company site, they need to make sure their cars meet the requirements of the tax credit. Taxpayers want to make sure the car they are buying is qualified for this. Host people were able to take advantage of that tax credit last year and saw some results from that. What do we know so far about americans and the tax credit . Guest we probably wont know until the Filing Season early next year in terms of the amount of people that claim the credit. Its early in terms of interest in the credit. Host are you seeing any anecdotal reporting on how people are doing . Guest there is definitely interest. I heard a caller expressing interest in it. They are trying to figure out how it works. The irs and treasury is not giving guidance for companies and taxpayers and how they can use in how people can qualify. Its still very much early stages but we will know more when the Filing Season comes around next year. Host what covered under the Energy Efficiency tax credit guest guest for Home Improvements . Thats a 30 tax credit on thats making Home Improvements on your home. It can be replacing doors, windows, you can get a home energy audit, you can also have certain limits to how much will be covered for each of those different categories. For stores is like 5 for doors is like 500 and windows are like 600. There are Different Levels of what people can install to improve home energy. Host is there any sunset on those provisions . Guest that will sunset i think in 2032. There is eight cap on these credits. There is not a lifetime cap so that means each year, the cap will start again. For this first group of projects like windows and doors, that has a cap of 1200 each year. Then biomass, heat pumps, that has a 2000 limit each year. Once you hit that limit, thats it. Host you mentioned an energy audit, what would be included in that . You could get a tax credit for getting that done by a utility or an electrician . Guest a home energy audit, you think of it like going to the doctor to get a physical but for your home. You bring in an Energy Auditor to see how energyefficient it is and they make a diagnosis of where you can go from there to be more energyefficient. The irs has recent guidance on who exactly can be one of these auditors that come to your home. The department of energy has a list of qualified Energy Auditors but there is a Transition Rule for the first year. Taxpayers do not have to necessarily have someone come from that list. It can be someone that is essentially qualified but doesnt have to be summoned on that list and it gives taxpayers some flexibility. Host any idea typically what that would cost for a singlefamily home . Guest it would be between 200 700. Host the tax credit would offset that . Guest it would help offset that cost. Host we are talking about the tax credits available under the Inflation Reduction Act. 202 7488001 is the line to call for republicans, 202 7488000 democrats and everyone else 202 7488002. You can also send us a text if you want. 202 7488003. We will look for some of those as well. Are there other tax credits and provisions or do all of the tax credit are provisions under the Inflation Reduction Act have a sunset . Guest yes, all of the provisions will have a sunset. On the corporate side, that was something they were excited about. The tax credits would roll over every two years depending on the shape of congress but now they have a 10 year runway on the corporate side. On the individual side, those credits also have a 10 year runway. Some of them like the residential Clean Energy Tax credit, that tax credit amount will decrease over time like two years before it expires in 2024. It will go to 26 percent, than 24 . Host what sort of history do we have with the use of these tax credits particular in the energy field in the u. S. Over the past decade or so . Have they been effective at getting people to change behavior . Guest my understanding is people are already looking to add these Energy Efficient tools , these projects to their homes which is an extra incentive. I dont know if this is that much of an incentive to now decide i want to be more energyefficient. Host we were talking about the tax credits forevs. The income level was 150,000. Someone was complaining that it really doesnt help people in the low income strata. Our guest said there is a leasing provision where you can get a tax credit for leasing. What do you know about that . Guest im not as familiar with that but for a lot of these tax credits, you need to have a tax bill to benefit from tax credits. These are not refundable tax credits. If you dont have a high enough tax bill to use the credit, you cant get cash and make up the difference for some of these credits, you can carry them forward whats left over from the text credits to next year you really need to see how that. Applies. Host have some states followed suit with energy tax credits . Guest some states have but i only cover federal tax credits. Host we will go first to jim in orlando, florida on the independent line, good morning. Caller good morning, the only reason i would think of buying an electric vehicle would be. Long distance driving im wondering why they should give you a j dad take give you a gigantic discount to rent a car when you take long trips . It should be like 75 off and i would do it in a heartbeat. Ia would getn ev for local traveling and i would have a discount when i go on vacation. Guest i cant necessarily speak to why they wouldnt have an incentive like that. The Inflation Reduction Act has a focus on infrastructure to have a greater ev infrastructure all over the United States of the charging stations would be everywhere. Its still early stages of the law and we will see more within the next decade of what the actual impact of the incentives are. Host lets go to erie, illinois, go ahead. Caller i was at a car rental place not too long ago and they will practically give you an electric vehicle and money if you will finally rent one from them. The idea that we will have electric vehicles in this country, im 76 years old and is the most unbelievable thing this green stuff we are purchased pursuing down a rabbit hole with tax money and tax breaks. My goodness, there are some people that still have their faculties about them that realize we dont control the weather. We never have. We never will. We are bankrupting the country because of a bunch of leftists have convinced this president that we should do away with the energy that we have and put up more windmills and stuff and get people big tax breaks and have people pay for that. Taxpayers like best just like that theyre not insane realize we dont control the weather and put up all these windmills and solar panels host host he and a previous pen talked about car rental firms. Have they been incentivized to add ev to their fleet . Can they take advantage of this . Host i am not sure. Im not familiar. Host to gabriel in new hampshire, democrat line. Caller i am wondering how giving the refunds to people that go directly to corporations and businesses, if that is ad effective as effective as a lot of corporations are still just out there to make money even if they might be green. It worries me that we could push out some good innovative Small Companies when the big ones get all of the money from the incentives. Thank you. Host he is talking about rebates. These are not rebates, these are tax credits. Guest these are not rebates, they are tax credits. I am less familiar with what a rebate is in this context. The tax credit is something that depending on the credit, there is an unlimited amount. I know the joint committee has done an estimate of how much the tax credits in the Inflation Reduction Act would cost the Government Entities over six under 60 billion. So the cost is great, we will see what the impact will be. Host so the attacks credits included in the Inflation Reduction Act include credits to build electric vehicles, solar panels and wind turbines. And tax credit rebates for electric vehicle purchases and initially 20 billion in loans to promote the manufacturing. Do we know yet, is it too early to know how much of this has been taken advantage of by companies . Guest it is early to know. I know the Biden Administration and Many Democrats are touting, in honor of the anniversary of the inflation induction act, how many projects have been announced. But when i talked to states and companies, those were in place before. And they have their own manufacturing capacity as a reason why people are investing in those states. We dont know specifically who is claiming the tax credits unless they publicly say because it is taxpayer information that the irs would not release. But i have seen public announcements about interest in tax credits. Host ron calling from illinois, republican mine. Go ahead. Caller hello . Host you are on the air. Caller i was calling about this tax credit. I am retired and have been for some years. We were given a house that was headed down, an older house, and i think the tax credits, maybe i would get an electric car. I found out five years ago i was not feeling so good, turns out i got cancer. I am dying. I wanted to leave my wife something. But since biden took over the white house, we have been unable to save any money. I dont apply for a tax credit. What i have had for two years, two generations now is going down the drain. I am afraid when i die my wife is going to live in a cardboard box. Host so you dont qualify to take advantage of the tax credit . Caller they just said you have to have an earned income. I am living on Social Security so i dont have a technical income. How can i do that . Host ok, we touched on this earlier, you do have to have it reported income and Social Security income does not count . Caller i dont think Social Security income does count. But the Home Improvement tax credit and the residential Clean Energy Tax credits are two that you can be a homeowner, a renter and as long as you live in a house, you can also be a second home, you might qualify for that. It is not the Vehicle Credit but it is a different one. Host what type of credits does the law provide for Clean Energy Manufacturing . Guest there are about a dozen different types of Clean Energy Incentives and many of them are not for companies. One i have heard a lot about is the investment tax credit under section 48 c, which you mentioned there is a 10 billion allocation for Countries Companies interested in the tax credit. That is something where companies have to apply. In the first round of funding, the application process has already started. The way it works is once a company applies, the department of energy will rank the project and they will send it to the irs. The irs will go down until there is no funding left. This is not a new program. The Obama Administration did have this program, around 2 billion. They received like 8 billion in applications so it is suspected to be expected to be oversubscribed. Another tax credit is for solar, wind, battery, critical minerals. And people are attracted to that credit because there is no limit. But it is a tax credit based on the amount of energy you produce. So Company Executives have to make sure they have the financing upfront to get the project off the ground to produce and get that Clean Energy Tax credit. Host an article from the Las Vegas Review journal, solar operation in nevada. A person calling earlier from new jersey talked about the extension of solar farms. In the Solar Industry in particular, what has happened based on the credits . Guest it is still early to tell how beneficial they will be. But based on conversations i have had with companies, there is a 10 bonus credit related to your materials. It is a huge incentive for companies to add to the credit you already have domestically. The treasury did release rules on that bonus credit and they are restrictive. So there is not going to be Many Companies that can qualify for the added credit. Host what was behind the idea of sourcing domestically . Why was that made a provision in the law . Guest for many of the materials for those products, manufacturing is with competitors like china and the east. The Biden Administration and democrats want to bring made fracturing back to the u. S. But there is a transition period, it does not magically appear. It takes time so the administer agent is hoping these intent incentives will encourage manufacturing coming back to the u. S. Host mike has the specific question, do companies qualify for the credit . Guest the irs has an faq section and i would refer you to that. Host kurt on the independent line from florida. Caller good morning. I am a mechanical engineer and i design and rebuild large hvac systems for large scale buildings. The government did not need to step in to get Energy Efficiency. The tax credits. Because the owners of these buildings are already buying the equipment that is Energy Efficient. It lowers the overall cost of the building lifetime ownership. And when you bring up the residential, there are Company Changes that have been made due to the protocol back in the 80s and it has done a great deal of good for our ozone layer. We have already taken huge steps to improve the environment of this world. And that is never brought up, our ozone layer within another four years will have generated itself because of these measures. So we do need to take steps forward. The other point i called about was this reduction act. With all of the green Energy Proposals and tax breaks, it seems like it is nothing more than a tax break for the wealthy. And our democratic side of the aisle has already said they never wanted to give tax breaks to the rich. Host ok. Erin slowey, your thoughts. Guest guest guest on the electric vehicle tax credit, there is a threshold that you need to be below. The ultrarich would not be able to benefit from the tax credit. And i know the Biden Administration and the irs has already pledged that they are not going to increase the audit rates for Middle America and they are focusing on wealthy americans and large corporate complex partnerships. Host bill calling from wisconsin, you are on with erin slowey. Caller i wanted to clarify a couple of things about the tax credits. You talked about leasing and that you can get a tax credit on a lease. That is because this bill is largely a made in america bill as well as an energy bill. The loophole is commercial enterprises can get a tax credit for their cars. So they can lease a car made in japan and still get the tax credit and pass it on to you. After the last man, there is a tax credit for used electric vehicles. I think it is 2500. For people that want to buy a used vehicle, there is a limit on how much of the vehicle can cost as well. I dont number that at all. Thank you. Host a couple points there. Guest i am not as familiar with the usedcar plan. But in terms of the making and enforcing in america, that is the main point of the law. I think over time host jack on the republican line. Good morning. Caller i just wondered how with africa not selling us anymore lithium or cobalt to make batteries if that is going to affect all of this. Are we going to start mining lithium and cobalt here . Host good question. Any thoughts . Guest if we are talking the amount of projects that have been announced since the Vice President<\/a> mike pence. Thursday night, former South Carolina<\/a> governor and the u. S. Ambassador to the u. S. , nikki haley. On friday night, florida governor, ron desantis. Fireside chat with republican president ial candidates, this week at 9 p. M. Eastern on cspan and online at cspan. Org. One year ago President Biden<\/a> signed the Inflation Reduction Act<\/a>, which included tax credit provisions aimed at Energy Efficiency<\/a> and Energy Efficient<\/a> Home Improvements<\/a>. Lets understand some of the background. Erin slowey is with bloomberg tech. Guest thank you for having me. Host we had a caller asking about the home charging. If one were to improve ones home charging, are there tax credits available for upgrading your home to be easier to charge your electric vehicle . Guest yes, my understanding is there is a tax credit. Homeowners can update their garages but im not sure what the credit amount is for that but it is an option. Host give us a broad view of whats covered in this Clean Energy Tax<\/a> credit. Guest which one a particular . Host lets start with the electric vehicles. Guest the electric vehicle tax credit is up to 7,500 for individuals. It depends on your income so there are thresholds whether filing jointly, it needs to be under 200,000. If you are under that threshold, you can potentially qualify for electric vehicle tax credit. On the company site, they need to make sure their cars meet the requirements of the tax credit. Taxpayers want to make sure the car they are buying is qualified for this. Host people were able to take advantage of that tax credit last year and saw some results from that. What do we know so far about americans and the tax credit . Guest we probably wont know until the Filing Season<\/a> early next year in terms of the amount of people that claim the credit. Its early in terms of interest in the credit. Host are you seeing any anecdotal reporting on how people are doing . Guest there is definitely interest. I heard a caller expressing interest in it. They are trying to figure out how it works. The irs and treasury is not giving guidance for companies and taxpayers and how they can use in how people can qualify. Its still very much early stages but we will know more when the Filing Season<\/a> comes around next year. Host what covered under the Energy Efficiency<\/a> tax credit guest guest for Home Improvements<\/a> . Thats a 30 tax credit on thats making Home Improvements<\/a> on your home. It can be replacing doors, windows, you can get a home energy audit, you can also have certain limits to how much will be covered for each of those different categories. For stores is like 5 for doors is like 500 and windows are like 600. There are Different Levels<\/a> of what people can install to improve home energy. Host is there any sunset on those provisions . Guest that will sunset i think in 2032. There is eight cap on these credits. There is not a lifetime cap so that means each year, the cap will start again. For this first group of projects like windows and doors, that has a cap of 1200 each year. Then biomass, heat pumps, that has a 2000 limit each year. Once you hit that limit, thats it. Host you mentioned an energy audit, what would be included in that . You could get a tax credit for getting that done by a utility or an electrician . Guest a home energy audit, you think of it like going to the doctor to get a physical but for your home. You bring in an Energy Auditor<\/a> to see how energyefficient it is and they make a diagnosis of where you can go from there to be more energyefficient. The irs has recent guidance on who exactly can be one of these auditors that come to your home. The department of energy has a list of qualified Energy Auditor<\/a>s but there is a Transition Rule<\/a> for the first year. Taxpayers do not have to necessarily have someone come from that list. It can be someone that is essentially qualified but doesnt have to be summoned on that list and it gives taxpayers some flexibility. Host any idea typically what that would cost for a singlefamily home . Guest it would be between 200 700. Host the tax credit would offset that . Guest it would help offset that cost. Host we are talking about the tax credits available under the Inflation Reduction Act<\/a>. 202 7488001 is the line to call for republicans, 202 7488000 democrats and everyone else 202 7488002. You can also send us a text if you want. 202 7488003. We will look for some of those as well. Are there other tax credits and provisions or do all of the tax credit are provisions under the Inflation Reduction Act<\/a> have a sunset . Guest yes, all of the provisions will have a sunset. On the corporate side, that was something they were excited about. The tax credits would roll over every two years depending on the shape of congress but now they have a 10 year runway on the corporate side. On the individual side, those credits also have a 10 year runway. Some of them like the residential Clean Energy Tax<\/a> credit, that tax credit amount will decrease over time like two years before it expires in 2024. It will go to 26 percent, than 24 . Host what sort of history do we have with the use of these tax credits particular in the energy field in the u. S. Over the past decade or so . Have they been effective at getting people to change behavior . Guest my understanding is people are already looking to add these Energy Efficient<\/a> tools , these projects to their homes which is an extra incentive. I dont know if this is that much of an incentive to now decide i want to be more energyefficient. Host we were talking about the tax credits forevs. The income level was 150,000. Someone was complaining that it really doesnt help people in the low income strata. Our guest said there is a leasing provision where you can get a tax credit for leasing. What do you know about that . Guest im not as familiar with that but for a lot of these tax credits, you need to have a tax bill to benefit from tax credits. These are not refundable tax credits. If you dont have a high enough tax bill to use the credit, you cant get cash and make up the difference for some of these credits, you can carry them forward whats left over from the text credits to next year you really need to see how that. Applies. Host have some states followed suit with energy tax credits . Guest some states have but i only cover federal tax credits. Host we will go first to jim in orlando, florida on the independent line, good morning. Caller good morning, the only reason i would think of buying an electric vehicle would be. Long distance driving im wondering why they should give you a j dad take give you a gigantic discount to rent a car when you take long trips . It should be like 75 off and i would do it in a heartbeat. Ia would getn ev for local traveling and i would have a discount when i go on vacation. Guest i cant necessarily speak to why they wouldnt have an incentive like that. The Inflation Reduction Act<\/a> has a focus on infrastructure to have a greater ev infrastructure all over the United States<\/a> of the charging stations would be everywhere. Its still early stages of the law and we will see more within the next decade of what the actual impact of the incentives are. Host lets go to erie, illinois, go ahead. Caller i was at a car rental place not too long ago and they will practically give you an electric vehicle and money if you will finally rent one from them. The idea that we will have electric vehicles in this country, im 76 years old and is the most unbelievable thing this green stuff we are purchased pursuing down a rabbit hole with tax money and tax breaks. My goodness, there are some people that still have their faculties about them that realize we dont control the weather. We never have. We never will. We are bankrupting the country because of a bunch of leftists have convinced this president that we should do away with the energy that we have and put up more windmills and stuff and get people big tax breaks and have people pay for that. Taxpayers like best just like that theyre not insane realize we dont control the weather and put up all these windmills and solar panels host host he and a previous pen talked about car rental firms. Have they been incentivized to add ev to their fleet . Can they take advantage of this . Host i am not sure. Im not familiar. Host to gabriel in new hampshire, democrat line. Caller i am wondering how giving the refunds to people that go directly to corporations and businesses, if that is ad effective as effective as a lot of corporations are still just out there to make money even if they might be green. It worries me that we could push out some good innovative Small Companies<\/a> when the big ones get all of the money from the incentives. Thank you. Host he is talking about rebates. These are not rebates, these are tax credits. Guest these are not rebates, they are tax credits. I am less familiar with what a rebate is in this context. The tax credit is something that depending on the credit, there is an unlimited amount. I know the joint committee has done an estimate of how much the tax credits in the Inflation Reduction Act<\/a> would cost the Government Entities<\/a> over six under 60 billion. So the cost is great, we will see what the impact will be. Host so the attacks credits included in the Inflation Reduction Act<\/a> include credits to build electric vehicles, solar panels and wind turbines. And tax credit rebates for electric vehicle purchases and initially 20 billion in loans to promote the manufacturing. Do we know yet, is it too early to know how much of this has been taken advantage of by companies . Guest it is early to know. I know the Biden Administration<\/a> and Many Democrats<\/a> are touting, in honor of the anniversary of the inflation induction act, how many projects have been announced. But when i talked to states and companies, those were in place before. And they have their own manufacturing capacity as a reason why people are investing in those states. We dont know specifically who is claiming the tax credits unless they publicly say because it is taxpayer information that the irs would not release. But i have seen public announcements about interest in tax credits. Host ron calling from illinois, republican mine. Go ahead. Caller hello . Host you are on the air. Caller i was calling about this tax credit. I am retired and have been for some years. We were given a house that was headed down, an older house, and i think the tax credits, maybe i would get an electric car. I found out five years ago i was not feeling so good, turns out i got cancer. I am dying. I wanted to leave my wife something. But since biden took over the white house, we have been unable to save any money. I dont apply for a tax credit. What i have had for two years, two generations now is going down the drain. I am afraid when i die my wife is going to live in a cardboard box. Host so you dont qualify to take advantage of the tax credit . Caller they just said you have to have an earned income. I am living on Social Security<\/a> so i dont have a technical income. How can i do that . Host ok, we touched on this earlier, you do have to have it reported income and Social Security<\/a> income does not count . Caller i dont think Social Security<\/a> income does count. But the Home Improvement<\/a> tax credit and the residential Clean Energy Tax<\/a> credits are two that you can be a homeowner, a renter and as long as you live in a house, you can also be a second home, you might qualify for that. It is not the Vehicle Credit<\/a> but it is a different one. Host what type of credits does the law provide for Clean Energy Manufacturing<\/a> . Guest there are about a dozen different types of Clean Energy Incentives<\/a> and many of them are not for companies. One i have heard a lot about is the investment tax credit under section 48 c, which you mentioned there is a 10 billion allocation for Countries Companies<\/a> interested in the tax credit. That is something where companies have to apply. In the first round of funding, the application process has already started. The way it works is once a company applies, the department of energy will rank the project and they will send it to the irs. The irs will go down until there is no funding left. This is not a new program. The Obama Administration<\/a> did have this program, around 2 billion. They received like 8 billion in applications so it is suspected to be expected to be oversubscribed. Another tax credit is for solar, wind, battery, critical minerals. And people are attracted to that credit because there is no limit. But it is a tax credit based on the amount of energy you produce. So Company Executives<\/a> have to make sure they have the financing upfront to get the project off the ground to produce and get that Clean Energy Tax<\/a> credit. Host an article from the Las Vegas Review<\/a> journal, solar operation in nevada. A person calling earlier from new jersey talked about the extension of solar farms. In the Solar Industry<\/a> in particular, what has happened based on the credits . Guest it is still early to tell how beneficial they will be. But based on conversations i have had with companies, there is a 10 bonus credit related to your materials. It is a huge incentive for companies to add to the credit you already have domestically. The treasury did release rules on that bonus credit and they are restrictive. So there is not going to be Many Companies<\/a> that can qualify for the added credit. Host what was behind the idea of sourcing domestically . Why was that made a provision in the law . Guest for many of the materials for those products, manufacturing is with competitors like china and the east. The Biden Administration<\/a> and democrats want to bring made fracturing back to the u. S. But there is a transition period, it does not magically appear. It takes time so the administer agent is hoping these intent incentives will encourage manufacturing coming back to the u. S. Host mike has the specific question, do companies qualify for the credit . Guest the irs has an faq section and i would refer you to that. Host kurt on the independent line from florida. Caller good morning. I am a mechanical engineer and i design and rebuild large hvac systems for large scale buildings. The government did not need to step in to get Energy Efficiency<\/a>. The tax credits. Because the owners of these buildings are already buying the equipment that is Energy Efficient<\/a>. It lowers the overall cost of the building lifetime ownership. And when you bring up the residential, there are Company Changes<\/a> that have been made due to the protocol back in the 80s and it has done a great deal of good for our ozone layer. We have already taken huge steps to improve the environment of this world. And that is never brought up, our ozone layer within another four years will have generated itself because of these measures. So we do need to take steps forward. The other point i called about was this reduction act. With all of the green Energy Proposals<\/a> and tax breaks, it seems like it is nothing more than a tax break for the wealthy. And our democratic side of the aisle has already said they never wanted to give tax breaks to the rich. Host ok. Erin slowey, your thoughts. Guest guest guest on the electric vehicle tax credit, there is a threshold that you need to be below. The ultrarich would not be able to benefit from the tax credit. And i know the Biden Administration<\/a> and the irs has already pledged that they are not going to increase the audit rates for Middle America<\/a> and they are focusing on wealthy americans and large corporate complex partnerships. Host bill calling from wisconsin, you are on with erin slowey. Caller i wanted to clarify a couple of things about the tax credits. You talked about leasing and that you can get a tax credit on a lease. That is because this bill is largely a made in america bill as well as an energy bill. The loophole is commercial enterprises can get a tax credit for their cars. So they can lease a car made in japan and still get the tax credit and pass it on to you. After the last man, there is a tax credit for used electric vehicles. I think it is 2500. For people that want to buy a used vehicle, there is a limit on how much of the vehicle can cost as well. I dont number that at all. Thank you. Host a couple points there. Guest i am not as familiar with the usedcar plan. But in terms of the making and enforcing in america, that is the main point of the law. I think over time host jack on the republican line. Good morning. Caller i just wondered how with africa not selling us anymore lithium or cobalt to make batteries if that is going to affect all of this. Are we going to start mining lithium and cobalt here . Host good question. Any thoughts . Guest if we are talking the amount of projects that have been announced since the Inflation Reduction Act<\/a>, does not mean they are announced because of the Inflation Reduction Act<\/a>. But 40 of those projects are battery related. Infrastructure is coming to the u. S. , it is just a matter of how fast. Host next, in minnesota. On the independent line, go ahead. Caller i had an electric hybrid vehicle about 10 years back. In minnesota we have problems with temperature appeared. Up here. And they talk about the energy factor, if it is 10 below zero to try to get those going. Host was there an incentive or a rebate in the state of minnesota for buying it when you got it . Caller not at all. Host host thanks for calling. In terms of the electric vehicle tax credit, he said you did not know about whether the one person said about used cars. But help us to find what does the law say about which foreign cars can be taken advantage of, can be used . Which once can one purchase and still get the credit . What is the stipulation . Guest my understanding is they need to be a trade partner with the u. 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