US guideline on inflation act likely to ease uncertainties for Korean battery firms
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The U.S. tentative guideline on its tax cut eligibility under the inflation act is likely to ease uncertainties for Korean battery and energy firms, the industry ministry said Friday.
The assessment came after the U.S. unveiled a preliminary guideline on detailed eligibility to win tax credits under the Inflation Reduction Act (IRA) on Thursday (U.S. time).
"(The guideline) has lifted uncertainties on the eligibility of tax cuts and their scope on businesses producing cutting-edge products within the United States," the Ministry of Trade, Industry and Energy said in a statement.
The ministry noted that Korean battery makers and solar panel producers with production lines in the U.S. are expected to "benefit significantly" through the release of the guideline.
"Korea has been coordinating with the U.S. government to reflect the local businesses' opinion on the IRA," the industry ministry said. "We plan to expand communication with industries, and engage in talks with the U.S. to maximize the benefit on local firms while easing their burdens."
The U.S. Treasury department, meanwhile, plans to post the guidance for a 60-day period to gather public opinion, and tentatively hold a hearing in late February. (Yonhap)