WASHINGTON — Sen. Joe Manchin, D-W.Va., plans to introduce a bill Wednesday that would direct the U.S. Treasury Department to immediately stop issuing $7,500 consumer tax credits for electric vehicles that do not meet strict critical mineral and battery component requirements.
The bill — titled the American Vehicle Security Act — would amend the Inflation Reduction Act so that the effective date of the required EV battery sourcing is no longer tied to Treasury's release of proposed guidance on the restrictions.
If enacted, no credit would be available to any new EV that does not meet the critical mineral and battery sourcing requirements, effective retroactively as of Jan. 1.
A Democratic committee aide on Tuesday told Automotive News the bill did not yet have bipartisan support or co-sponsors because it had not been shared outside internal discussions. It also had not been shared with any auto industry representatives, the aide said.
Treasury is…