A bipartisan group of U.S. lawmakers will introduce legislation on Wednesday to ...
WASHINGTON - A bipartisan group of U.S. lawmakers will introduce legislation on Wednesday to expand the electric vehicle tax credit by 400,000 vehicles per manufacturer, a provision that would give a boost to General Motors Co and Tesla Inc before the existing credit comes to an end for them.
The bill could lift electric vehicle sales in a boost for automakers that have committed tens of billions of dollars to meet rising global emissions requirements. The bill would also extend the hydrogen fuel cell credit through 2028. The bill is estimated to cost $11.4 billion, with all but $91 million of that tally to extend the EV tax credit.
Last month, the White House proposed immediately eliminating the $7,500 tax credit, a move it said would save the U.S. government $2.5 billion over a decade. GM President Mark Reuss said in a statement “the EV tax credit provides customers with a proven incentive as we work to establish the U.S. as a leader in electrification.”
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