U.S. Senate tax plan preserves EV credit

by admin November 10, 2017 at 4:34 am

Lobbyists are scrambling to figure out how to save the EV tax credit, which the industry views as critical to promoting commercial adoption of electric vehicle technology.

WASHINGTON — A U.S. Senate tax reform proposal unveiled on Thursday does not eliminate a $7,500 electric vehicle tax credit as Republicans in the U.S. House of Representatives have proposed.

Killing the credit could hurt automakers such as General Motors, Volkswagen AG, Tesla Inc. and Nissan Motor Co.

Current law allows automakers to use the credit, which phases out after an automaker hits 200,000 plug-in vehicles sold.

Electric vehicles have expensive batteries that make them pricier than gasoline-powered vehicles.

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