Stabenow bill to boost EV tax credits to $12,500 passes Senate panel
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Washington Legislation from Michigan Sen. Debbie Stabenow, D-Lansing, that would raise consumer tax credits for electric vehicles to $12,500 for the next five years passed a Senate committee Wednesday.
The provision would expand the $7,500 tax credit for vehicles costing less than $80,000, eliminating the cap for automakers and adding $2,500 for autos built by union members and $2,500 for vehicles assembled in the United States.
Right now, consumers who buy the first 200,000 electric vehicles from automakers qualify for up to $7,500 in tax credits, and it s not limited by the price of the vehicle. General Motors Co. and Tesla Inc. have already hit their caps.
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The U.S. Senate Finance Committee advanced legislation on Wednesday that would boost electric vehicle tax credits to as much as $12,500 for EVs that are assembled by union workers in the United. | May 27, 2021
US Senate Committee Wants $12,500 EV Credit, But There s A Catch
May 27, 2021 at 8:40am ET ++ Only vehicles produced in the US by union workers would get the full credit.
For the ones that hope to see Tesla and GM recover federal tax credits for EVs, the US Senate Finance Committee has good news. According to
Reuters, it advanced a bill that wants not only to offer it to everyone selling EVs in the US with no volume barriers but also to raise it to up to $12,500. However, there is a catch – two, if you prefer.
The $7,500 tax credit would rise by $2,500 – to $10,000 – if the car is made in the US. Being manufactured by union workers makes that increase double to $5,000, reaching the $12,500 we mentioned before. Senator Debbie Stabenow, a Democrat politician elected in Michigan, made the proposition.