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rollcall | Treasury tops up TAX CREDITS where fossil fuel jobs were lost, 4 Apr
...The Treasury Department released guidance Tuesday detailing how clean energy producers can receive more in federal tax credits if they build climate-friendly projects in areas [states] that were once hubs for coal and oil jobs. The Treasury is offering the credits under an August law that contained $270 billion in tax breaks for clean energy.

The Energy Department separately rolled out an initiative to spend $450 million from the 2021 bipartisan [Infrastructure Investment and Jobs Act for clean energy-related experimental projects on land formerly used for mining....

hankyoreh | US to require Korean chipmakers to cough up trade secrets in exchange for incentives tax credits, 29 Mar
Based on the CHIPS and Science Act, the US Department of Commerce [Gina "School Lunch Debt" Raimondo] is insisting that companies building semiconductor production facilities in the US have to submit sensitive core business secrets such as semiconductor yields (the percentage of items without defects) when applying for incentives tax credits.

The request goes above and beyond ordinary business information such as general plans for procuring investment funds. It appears intended as a basis for detailed assessments of business information from investing companies, such as Samsung Electronics, with funds to be recovered if "surplus profits" are discovered.
[...]

"knowledge transfer" term sheet
The department also requested the submission of detailed forecasts for the facilities' operation in a category labeled "financial model." Companies are to provide information about quarterly operation rates for facilities, wafer production volumes, yields, and anticipated prices and sales by product type.
[...]
Under this system, companies such as Samsung Electronics and SK Hynix would ultimately have to provide the US with detailed information on yields and other business secrets and assume wide-ranging responsibilities for production workforce education in order to receive subsidies tax credits/abatements/reimbusements/increment financing.

In a so-called "guardrail" announced on March 21, the department said that companies receiving subsidies tax credits may not expand production in China by more than 5% over a ten-year period. This would leave South Korean companies that want subsidies tax credits in the position of bearing the burden of unforeseen developments that arise.
[...]

hankyoreh | At 13 months running, S. Korea faces longest trade deficit streak since Asian financial crisis, 3 Apr
by Cat on Thu Apr 6th, 2023 at 07:36:28 PM EST
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