A bipartisan group of lawmakers plan to introduce a bill to expand federal tax credits for buyers of electric vehicles, in what could be a boon for the growing EV market.
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.
“At a time when climate change is having a real effect on Michigan, today’s legislation is something we can do now to reduce emissions and combat carbon pollution,” Sen. Debbie Stabenow, D-Mich. and one of the sponsors of the legislation, said in a statement. “Our bill will help create American jobs and cement Michigan’s status as an advanced manufacturing hub.”
Tesla shares rose 1.6 percent in morning trading on the news Wednesday.
Sens. Gary Peters, D-Mich., Lamar Alexander, R-Tenn., and Susan Collins, R-Maine, and Rep. Dan Kildee, D-Mich., signed on to the bill.
from Viral News Updates http://bit.ly/2Iqyutw
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