10-year extension of electric vehicle tax credit will slash dangerous pollution driving climate crisis
Vermont Business Magazine Representative Peter Welch yesterday introduced the
Electric Cars Act, bicameral legislation that would address America’s addiction to dangerous fossil fuels by fully extending the electric vehicle tax credit for 10 years, making the tax credit immediately available to buyers at the dealership and helping to deploy critical charging infrastructure.
Currently, a federal tax credit of up to $7,500 is available for the purchase of electric vehicles with federal statute capping the number of eligible vehicles at 200,000 per manufacturer. Several domestic manufactures have already hit the manufacturing cap and consumers seeking to buy those vehicles will no longer receive tax credits. As a result, the law currently creates incentives for electric car buyers to purchase imported vehicles rather than American-made ones.
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