Bi-Partisan Effort In Congress To Extend EV Tax Credits

money1-53
money1-53

There’s a new move in Congress to extend the tax credit for buyers of electric vehicles. That credit now stands at $7,500, and starts to phase out when a car maker sells 200,000 electric vehicles. Congressman Dan Kildee says both Tesla and GM have now reached that point.

“It would take the 200,000 cap to 600,000 and take the credit from $7,500 down to $7,000,” explains the Flint Democrat. “We think that would do a lot to make electric vehicles more viable in the market.”

Kildee says while it’s hard to get anything passed in Congress today, this measure does have some bipartisan support. A similar bill has been introduced in the Senate by Michigan Democrats Debbie Stabenow and Gary Peters along with Republicans Lamar Alexander of Tennessee and Susan Collins of Maine. The effort comes as President Trump says he wants to scrap the tax credit completely.