federal tax credits

Global oil prices are beyond India’s control but a tangle of govt interventions that have left Indian aviation structurally fragile. These demand correction.

Analysts are bullish on Bajaj Finance, IIFL Finance, and Navin Fluorine, citing strong quarterly results and positive future outlooks. Federal Bank is seen as fairly valued, while Waaree Engineering's revenue beat expectations despite margin concerns. Investors are watching these key companies closely.

Global oil markets face turmoil due to the Iran-US conflict and Strait of Hormuz disruptions. India, heavily reliant on oil imports, feels the pinch through rising inflation and borrowing costs. The Reserve Bank of India monitors the situation, opting for stability over aggressive action. Households may experience a gradual tightening of budgets as costs rise and monetary easing is delayed.

OpenAI's new policy paper warns current economic systems are unprepared for advanced AI, proposing tax reforms and a Public Wealth Fund for citizen benefit. This aligns with Vinod Khosla's call to eliminate income taxes for those earning under $100,000 and tax all income equally, suggesting a shift towards capital-based revenue to fund social programs and ensure shared AI-driven growth.

The IRS has partnered with Palantir for a new tool, SNAP, to enhance audit selection and investigations. This $1.8 million contract aims to overcome the agency's outdated technology. SNAP analyzes existing data to identify potential tax discrepancies in areas like disaster relief and energy credits, marking a significant upgrade from older methods.

California Governor Gavin Newsom criticized Elon Musk for potentially ceding the EV market to China by shifting Tesla's focus to AI and robotics. Newsom argued this move jeopardizes American supply chains and national security. However, he reserved his sharpest criticism for Donald Trump, accusing his administration of dismantling America's clean energy future through policy rollbacks.

The UAE Ministry of Finance has introduced a significant tax incentive. Businesses can now claim up to 50% tax credit on research and development spending. This move aims to reduce the tax burden for innovative companies. It will strengthen the UAE's position as a global hub for technology and advanced industries.

Pentagon's $93.4 billion September spending spree, revealed by Open The Books, has sparked outrage. Lavish purchases like lobster, ribeye, and a grand piano preceded a costly conflict with Iran. Critics decry the "use-it-or-lose-it" practice, demanding accountability and reforms as war expenses mount.

A new federal tax credit program is expanding school choice across America. Twenty-three states have joined this initiative, allowing individuals to donate to scholarship organizations and receive tax credits. These funds will support private school tuition and provide extra help for public school students. The program aims to offer more educational options for families nationwide.

SK has invested heavily in Jackson County in recent years as automakers expanded plans to develop and produce electric vehicles and the federal government under former President Joe Biden backed efforts to build a domestic EV supply chain. In June 2020, the company also announced plans to invest $940 million to expand battery manufacturing in the Atlanta area.

Grammy-winning producer Swizz Beatz owes the IRS a staggering USD 5.7 million in unpaid federal taxes. This debt includes a recent lien for 2024 income taxes, adding to previous outstanding amounts from 2022 and 2023. While his representatives state the situation is "old news" and some debt is disputed, the IRS has a legal claim on his assets.

General Motors said Friday it wants the U.S. Treasury to reconsider classification of GM's electric Cadillac Lyriq to allow it to qualify for federal tax credits. The Treasury and Internal Revenue Service did not classify the Lyriq as an SUV, meaning its retail price cannot be above $55,000 to qualify for up to $7,500 in federal tax credits.

The US government has launched an Education Freedom Tax Credit, allowing up to $1,700 in tax credits for donations to scholarship organizations. This initiative, part of President Trump's Working Families Tax Cuts Act, aims to empower parents with more K-12 school choice options, covering tuition, tutoring, and special needs support. Twenty-three states have joined, with more encouraged to participate.

If the federal tax credit is removed, Newsom plans to propose a new version of California’s Clean Vehicle Rebate Program, which ended in 2023 after spending USD 1.49 billion to subsidize over 594,000 vehicles. Newsom’s office stated that any new rebates, including possible market caps, would encourage competition and innovation

The Treasury highlighted that automakers are adapting their supply chains to maintain eligibility for the new clean vehicle credit. Ford Motor confirmed that its E-Transit, Mach-E, and Lincoln Aviator Grand Touring plug-in hybrid would lose tax credits, but the F-150 EV Lighting and Lincoln Corsair Grand Touring would retain them.

Electric car-maker Tesla has announced that every new Model 3 vehicle now qualifies for $7,500 EV tax credit in the US.