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U S Senate Panel Wants to Raise EV Tax Credit as High as $12,500

U.S. Senate Panel Wants to Raise EV Tax Credit as High as $12,500 Autoweek 2 hrs ago Sebastian Blanco © Joni Hanebutt - Getty Images GM and Tesla would benefit most, since individual companies wouldn t get credits cut off after a set number of sales. It s not law yet, not by a long shot, but things are happening in Congress that could add up to $5000 to the current $7500 federal tax credit for electric vehicles. The bill would add $2500 to the credit for EVs made in the U.S., and another $2500 if it it was made by union workers. The current 200,000-vehicle limit per automaker would also disappear helping GM and Tesla the most in favor of an overall phaseout once more than half the vehicles sold in the U.S. are electric.

$12,500 electric car tax credit moving through U S Congress

New EV tax credit of $12,500 heads towards Senate floor debate

U S Senate Panel Wants to Raise EV Tax Credit as High as $12,500

Michigan Senator Leads Government Effort to Ignore Marketplace And Choose Domestic Vehicle Energy Type In Future

Stabenow’s Bill to Help Manufacturers Make Clean Energy Technology and Create Good-Paying Jobs Passes the Senate Finance Committee WASHINGTON, D.C. — A new bill to help transition manufacturers to a clean energy economy and address the semiconductor shortage crisis passed the U.S. Senate Finance Committee today. The Clean Energy for America Act included U.S. Senator Debbie Stabenow’s bipartisan legislation to provide a 30% tax credit for manufacturers to retool or build new facilities to produce advanced energy technologies including batteries and semi-conductors. The bill incentivizes manufacturers in Michigan to create jobs that draw on existing skilled workforces and reinvest in communities experiencing high unemployment. The Clean Energy for America Act will also invest in the electrification of our auto industry by helping Americans purchase electric vehicles, a critical step in addressing the climate crisis.

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