Korean battery firms expected to benefit from US inflation guidelines

Boost for Korean Battery and Energy Firms: U.S. Tax Cut Eligibility Guidelines Unveiled

The Ministry of Trade, Industry and Energy announced on Friday that the U.S. has released a preliminary guideline outlining the eligibility criteria for tax cuts under the Inflation Reduction Act (IRA).

The guideline provides clarity and certainty for Korean battery and energy companies operating in the United States.

According to the ministry, the U.S. Treasury department’s guideline addresses the scope and eligibility of tax credits for businesses involved in the production of cutting-edge products within the United States.

The ministry emphasized that Korean battery manufacturers and solar panel producers with production lines in the U.S. are expected to reap significant benefits from the guideline.

To ensure the interests of local businesses are considered, the Korean government has been actively coordinating with the U.S. government on the IRA, and plans to further engage in discussions to maximize the benefits for local firms while alleviating their burdens.

The U.S. Treasury department will now open a 60-day period for public opinion on the guidance and is tentatively scheduling a hearing in late February to gather further input.