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US lawmakers draft new bill to expand federal electric vehicle tax credits...
Published Wed, 10 April 2019
CNBC.com
The existing $7,500 tax credit for buyers of EVs phases out over 15 months once an automaker sells 200,000 electric cars. The tax credit for Tesla buyers was halved to $3,750 on Jan. 1. General Motor's tax credit was likewise cut in half starting April 1.
The bill, dubbed the Driving America Forward Act, would grant each automaker a $7,000 tax credit for an additional 400,000 vehicles after it exhausts the first 200,000 vehicles eligible for tax credits. It would shorten the phase-out schedule to nine months. The credits are paid directly to consumers, who can write them off on their tax returns.
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Published Wed, 10 April 2019
CNBC.com
- The existing $7,500 tax credit for buyers of EVs phases out over 15 months once an automaker sells 200,000 electric cars.
- The tax credit for Tesla buyers was halved to $3,750 on Jan. 1.
- GM's tax credit likewise fell starting April 1.
The existing $7,500 tax credit for buyers of EVs phases out over 15 months once an automaker sells 200,000 electric cars. The tax credit for Tesla buyers was halved to $3,750 on Jan. 1. General Motor's tax credit was likewise cut in half starting April 1.
The bill, dubbed the Driving America Forward Act, would grant each automaker a $7,000 tax credit for an additional 400,000 vehicles after it exhausts the first 200,000 vehicles eligible for tax credits. It would shorten the phase-out schedule to nine months. The credits are paid directly to consumers, who can write them off on their tax returns.
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