Trump administration plans to end EV federal tax credit, offers strange timeline
Electric vehicle manufacturers have used federal tax credits to promote expensive electric vehicles in the U.S. market during the initial phases of market development. According to a Bloomberg report, a recent announcement by a Trump administration official has revealed that the administration is planning to end the $7,500 federal tax credit for electric vehicles (EVs).
The report is based on an announcement made White House economic adviser Larry Kudlow. The announcement comes within a few days of Trump administration’s threats in November, to end EV tax credits for General Motors’ (GM) vehicles after the automaker announced plans to shut down some of its US factories.
Going by the recent announcement made by Kudlow, federal tax credit for all EVs will likely be ended by the Trump administration in 2020-2021.
However, the timeline offered by Kudlow with regard to Trump administration’s plans to end federal tax credit for EVs is strange because it is unclear whether the administration will actually have the power to carry out the planned move.
Moreover, there is presently no clarity with regard the future course of action on the EV federal tax credit because two different bills to change the EV subsidies program were proposed by two different Republican senators last month. One bill proposed that EV federal tax credit should be ended and EVs should be taxed more instead, while the other proposed the removal of the federal tax credit cap for EVs and recommended its expansion to 2022.
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