A bipartisan coalition introduced a bill in Congress today that would extend the one-time federal tax credit for buyers of electric, plug-in hybrid, and hydrogen-powered vehicles. The Driving America Forward Act, as it’s called, is sponsored by Senators Debbie Stabenow , Lamar Alexander , Gary Peters , and Susan Collins along with Congressman Dan Kildee . It’s also supported by no fewer than 60 organizations, including automakers, environmental organizations, and electric vehicle suppliers.
One-time federal tax credits of up to $7,500 were enacted in 2010 to help spur sales of plug-in vehicles. As it is the credits are not permanent, and are scheduled to phase out in two steps during the calendar year after an automaker sells 200,000 electric cars and/or plug-in hybrids. Tesla was the first manufacturer to hit that mark last year, which means its federal tax break dropped to $3,750 on January 1, will fall to $1,875 on July 1, and will expire altogether on December 31.
“General Motors believes in an all-electric, zero-emissions future. We are dedicating significant resources and investments to manufacturing and infrastructure here in the United States to drive that vision,” says General Motors’ president Mark Reuss. “We appreciate the support and leadership of the Senators and Representatives; the EV tax credit provides customers with a proven incentive as we work to establish the U.S. as a leader in electrification.
The bipartisan support on Capitol Hill with a push from carmakers and EV-related industries could help fast track the bill through Congress. Bills were introduced in Congress last year that would either extend the federal tax credits for all automakers for a set number of years or eliminate them altogether, but they languished.
Source: Energy Industry News (energyindustrynews.net)
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