Current negotiations in Congress could drastically alter the American auto industry, particularly regarding electric vehicle (EV) tax credits. The House has passed a bill that proposes sharp reductions to these incentives, which were designed to promote EV sales as part of a broader climate strategy. If approved by the Senate, consumer tax credits for new EVs will phase out by the end of 2025, limiting their availability to manufacturers with fewer than 200,000 EV sales. Furthermore, the elimination of the previously established used vehicle tax credit may hinder access for middle- and lower-income buyers, affecting the overall market landscape.
Under the House bill, consumer tax credits for new electric vehicles will phase out by 2025, significantly affecting EV sales and availability.
The elimination of the used vehicle tax credit aims to address wealth inequities in EV purchases, targeting middle- and lower-income families.
#ev-tax-credits #american-auto-industry #capitol-hill-negotiations #climate-policy #consumer-incentives
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