Reuters reported that 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 States. The bill would limit tax credits to vehicles with a retail price below $80,000 to qualify for the tax credits.
Senate Finance Committee Approves $12,500 EV Tax Credit Bill
On Wednesday, the Senate Finance Committee advanced the Clean Energy for America Act making a few tweaks from earlier proposals. Changes include raising the federal EV tax rebate ceiling to $12,500 and opening the door for automakers who already exhausted their production quotas.
It’s good news for General Motors, which recently begged the government for just such a handout. But any manufacturer participating in the sale of electric vehicles will find themselves similarly blessed by the updated rules â assuming they make it through the halls of Capitol Hill with the necessary support.
Senate Panel Wants to Bump EV Incentives up to $12,500
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home > news > Automakers > Senate Panel Wants to Bump EV Incentives up to $12,500
Senate Panel Wants to Bump EV Incentives up to $12,500
By Matt Posky on May 27, 2021
On Wednesday, the Senate Finance Committee advanced the Clean Energy for America Act making a few tweaks from earlier proposals. Changes include raising the federal EV tax rebate ceiling to $12,500 and opening the door for automakers who already exhausted their production quotas.
It’s good news for General Motors, which recently begged the government for just such a handout. But any manufacturer participating in the sale of electric vehicles will find themselves similarly blessed by the updated rules â assuming they make it through the halls of Capitol Hill with the necessary support.
Let’s take a peek behind the curtain to see what the updated proposal entails. (Read More…)
U.S. Senate panel advances EV tax credit of up to $12,500
By David Shepardson
Reuters
WASHINGTON (Reuters) - 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 States.
The bill would limit tax credits to vehicles with a retail price below $80,000 to qualify for the tax credits. The current maximum tax credit is $7,500 with no maximum price and currently phases out for individual automakers once they hit 200,000 total EVs sold.
Both General Motors and Tesla have hit the cap and currently do not qualify for the $7,500 tax credit.