We also have legislation in requiring that we invest $100 million a year the next couple of years while this president’s president in order to be able to find lithium battery technology to be able to — to power our cars.Of course what we need now is not so much dollars for battery research (although that is useful) as incentives and mandates for plug-in cars. Yet that's exactly what the provision tucked in at the end of the bill otherwise devoted to electric transportation, including electric cars and plug-in hybrids, does for "lean burn" diesel vehicles. The legislation, S1055, would expand the availability of tax credits for diesel vehicles. In the press release on the bill, Biden does cite a specific beneficiary:
In particular, Daimler Chrysler produces a Jeep Grand Cherokee diesel that will qualify under the new requirements.Section 3 of Biden's bill refers to IRS Code Section 30B, but 30B doesn't appear on the IRS webpage. So I can't figure out what the real import of the provision is.
SEC. 3. AVAILABILITY OF NEW ADVANCED LEAN BURN TECHNOLOGY MOTOR VEHICLE CREDIT FOR HIGH-EFFICIENCY DIESEL MOTOR VEHICLES.
(a) In General- Section 30B(c)(3)(A) of the Internal Revenue Code of 1986 (defining new advanced lean burn technology motor vehicle credit) is amended--
(1) by adding `and' at the end of clause (ii), and
(2) by striking clause (iv).