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U.S. Tax Reform Bill Would End EV Credits
A $7,500 tax credit for U.S. buyers of electric vehicles would disappear in 2018 if the tax reform bill proposed by the House of Representatives Ways and Means Committee becomes law.
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A $7,500 tax credit for U.S. buyers of electric vehicles would disappear in 2018 if the tax reform bill proposed by the House of Representatives Ways and Means Committee becomes law.
The current credit applies to the first 200,000 EVs sold by each carmaker. No manufacturer has reached that volume to date.
Critics say cutting off the incentive just as manufacturers are gearing up to debut dozens of new models could kill the market before EVs can gain traction as a main-market alternative to traditional piston-powered cars.
The Alliance of Automotive Manufacturers trade group grouse about “contradictory government policies” that demand cleaner cars but cancel incentives to help achieve that goal. AAM adds that eliminating tax breaks for EV buyers will make it far more difficult for carmakers to meet EV sales quotas adopted by 10 states that represent about one-third of the U.S. car market.
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