THE CAR AND TRUCK FLEET AND LEASING MANAGEMENT MAGAZINE
An Obama era tax credit for buyers and lessees of new electric vehicles will not likely be extended as part of a new federal spending bill, Reuters reports.
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.
General Motors has sold more than 200,000 plug-in electrified vehicles, which will trigger a phase-out of a federal tax credit for purchasers of $7,500, the Internal Revenue Service has announced.
The Trump administration has plan to cut the $7,500 federal tax credit that has supported sales of battery-electric vehicles as part of its 2020 budget proposal.
General Motors reached the threshold of 200,000 plug-in electric vehicles sold in December, which begins a phase-out of the $7,500 federal tax credit over the next 15 months, Reuters reported.
The EV Drive Coalition, which formed with a stated goal to reform the federal electric vehicle tax credit, announced its official launch as the U.S. Congress convenes for its lame duck session.
Congressional negotiators will spare a $7,500 federal tax credit that has supported sales of plug-in electric vehicles, which was put in place in 2008 and 2009 for plug-in and converted plug-in electric vehicles.
A $7,500 federal tax credit that has fueled sales of plug-in electric vehicles in recent years could be eliminated if House Republicans can include the proposal in the tax cut bill now under discussion, reports Reuters.
The California Competes Tax Credit Committee has approved a $250,000 tax credit for Green Commuter to assist the Los Angeles-based company with continued expansion of its electric vehicle car sharing, vanpool and fleet replacement service.
Colorado has passed a bill that provides a $5,000 tax credit for in-state buyers of battery-electric vehicles.