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Federal Lawmakers Propose EV Credit Extension
A bipartisan bill introduced today in the U.S. Senate seeks to extend federal tax credits for buyers of electric cars.
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A bipartisan bill introduced today in the U.S. Senate seeks to extend federal tax credits for buyers of electric cars.
The current program phases out $7,500 credits over 15 months when a given manufacturer’s cumulative EV sales reach 200,000 units. The proposed Driving American Forward Act would double the cutoff point to 400,000 vehicles.
So far only Tesla and General Motors have reached the 200,000-unit threshold. EV makers and environmental groups have been pushing to extend the incentives to help strengthen the fledging market for electrics.
The bill is co-sponsored by Democrat Senators Debbie Stabenow and Gary Peters from Michigan, Republican Senators Lamar Alexander from Tennessee and Susan Collins from Maine, and Republican Representative Dan Kildee from Michigan.
The sponsors estimate the measure, which also would provide tax credits to buyers of fuel cell vehicles through 2028, will cost more than $11 billion. The White House has proposed saving some $2.5 billion by eliminating the current program immediately.
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