The EV tax credit is a much-anticipated piece of legislation that would provide a tax break for people who purchase electric vehicles. When will it pass?
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What is the EV Tax Credit?
The EV tax credit is a federal tax credit that is available for people who purchase electric vehicles. The credit is worth up to $7,500, and it can be used to offset the cost of buying an electric car. The credit is available for both new and used vehicles, and it can be applied to both individual and leased cars.
Who is pushing for the EV Tax Credit?
The EV tax credit is being pushed by a bipartisan group of lawmakers who say that it will help reduce pollution and reliance on foreign oil, create jobs in the burgeoning EV industry, and give consumers a break at the pump. The credit was first proposed by Democratic lawmakers in 2007, and has since been supported by both parties.
Currently, there is no timetable for when the EV tax credit will be passed, but lawmakers are hoping to have it included in a larger package of tax reform legislation.
Who is opposing the EV Tax Credit?
The EV Tax Credit is opposed by some who argue that the credit is too generous and that it disproportionately benefits wealthier Americans. They also argue that the credit is not effective in promoting the adoption of electric vehicles, as most of the credit goes to people who would have bought an electric vehicle anyway. Other opponents of the EV Tax Credit argue that it unfairly benefits people who live in states with high gasoline prices, as they are more likely to save money with an electric vehicle.
What is the status of the EV Tax Credit?
As of 2019, the EV tax credit has not been passed by Congress. The EV tax credit would provide a $7,500 tax credit for the purchase of an electric vehicle.
When will the EV Tax Credit pass?
The tax credit for electric vehicles (EVs) is set to expire at the end of this year, unless Congress takes action to extend it. The credit is worth up to $7,500, and it has been a key incentive for motorists considering buying an EV.
So far, there has been no movement on Capitol Hill to extend the credit, and time is running out. If Congress does not act soon, EV buyers will no longer be eligible for the credit after December 31st.
There is some hope that the credit will be extended retroactively, so that buyers who purchase an EV in early 2019 will still be eligible for the credit. However, this is by no means certain, and it would be wise to get your new EV before the end of the year just in case.