New Bill Aims to Expand EV Tax Credit

New legislation to raise the electric vehicle sales cap for automakers from 200,000 to 400,000 cumulative sales was proposed by a group of bipartisan lawmakers.

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April 10, 2019

New Bill Aims to Expand EV Tax Credit — The bipartisan bill would raise the electric vehicle sales cap for automakers, including GM, which recently sold more than 200,000 plug-in electrified vehicles. The EV tax credit applies to the Chevrolet Bolt EV (pictured).
applies to the Chevrolet Bolt EV (pictured).[|CREDIT|]
Photo courtesy of GM.

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New legislation to raise the electric vehicle sales cap for automakers from 200,000 to 400,000 cumulative sales was proposed by a group of bipartisan lawmakers, according to Reuters.

General Motors and Tesla both reached their respective 200,000 cumulative EV sales, which reduced the $7,500 electric vehicle tax credit, according to CNBC. The credit consumers receive for purchasing a Tesla fell to $3,750 at the start of 2019. The credit for GM's Chevrolet Bolt EV or Chevrolet Volt dropped to the same amount on April 1.

The provision would give both automakers a boost, and the proposal could be considered in the next few months, according to Reuters.

The Driving America Forward Act, introduced by Senators Debbie Stabenow (D-Mich.), Lamar Alexander (R-Tenn.), Susan Collins (R-Maine), and Gary Peters (D-Mich.), according to the Electric Drive Transportation Association.

Conversely, in March the Trump administration announced plans to cut the $7,500 federal tax credit as part of its 2020 budget proposal, and before this a bill to terminate the federal tax credit was introduced in October 2018 by U.S. Sen. John Barrasso (R-Wyo.).

Topics:Plug-In Hybrid Electric Vehicles Tesla Battery-Electric Vehicles Tax Credits General Motors Fleet Forward Green Fleet

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