What’s the future of the electric/hybrid vehicle tax credit? Should we keep it and continue it? Implement a new one? Or do away with it altogether? In Congress, the answer to that depends on whom you ask.
Last week, Senator Dean Heller (R-NV) proposed legislation that would lift the current cap of 200,000 on electric vehicles eligible for the $7,500 tax credit. The cap is in place under current law, and dictates that once a vehicle manufacturer hits 200,000 EVs sold, the credit begins to phase out. The bill introduced by Heller would lift the individual manufacturer cap, but it would eliminate the credit for the entire industry by 2020.
Read the full article at Cantin Automotive Insider.