Nevada Lithium Resources Provides Comments to Department of Treasury on Implementation of EV Tax Credits

About this update from Nevada Lithium Resources, Inc.

[{"type":"text","content":" VANCOUVER, BC, Oct. 26, 2022 /CNW/ - Nevada Lithium Resources Inc. (CSE: NVLH) (OTCQB: NVLHF) (FSE: 87K) (\"Nevada Lithium\" or the \"Company\") is pleased to provide an update on its comments made to the Department of Treasury (DOT) and Internal Revenue Service (IRS) regarding implementation of Section 30D Electric Vehicle (EV) tax credits available through the Inflation Reduction Act of 2022, Section 13401(e) Critical Minerals Requirements (IRA). Nevada Lithium conservatively estimates the value of the critical mineral component of the IRA tax credit to be a cumulative $86 Billion nominal dollars. That is the policy cost associated with the minimum critical mineral percentages and a 50% US EV penetration rate in 2030. The Company understands that the DOT seeks maximum utilization of those credits. Nevada Lithium's recommendation will help the DOT meet that goal and will expedite the development of the US domestic lithium industry. \"Through 2030, the installed US lithium production base is inadequate to satisfy the critical mineral percentages for EV tax credit qualification. Nevada Lithium's recommendation is to allow substitution of US lithium project development investment dollars for critical mineral content until 2030. This substitution would accelerate US lithium project development and production timelines, and it would provide the production foundation for increased future US EV penetration\", said Stephen Rentschler, the CEO of Nevada Lithium Resources.  \"From 2023 through 2030, we calculate that a cumulative investment substitution of $6.0 Billion into the US lithium industry could facilitate full utilization of the $86 Billion in tax credits and the desired 50% EV penetration rate. This investment substitution costs the government nothing and has a theoretical return of over 14 to 1 ($86 Billion/$6.0 Billion)\", he continued. \"The implementation of investment substitution would support the development of a nascent US lithium industry and would generate thousands of primary and secondary jobs in the US Green Economy. Nevada Lithium's recommendation addresses the most critical shortfall to EV tax credit utilization, which is funding of the projects needed to produce raw critical minerals. With increased funding, all other work may be accelerated in an effort to meet the production levels necessary to sati...

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