The U.S. Senate Finance Committee gave a boost to President Joe Biden’s pro-EV agenda by advancing legislation that would provide up to $12,500 in tax credits to electric-vehicle buyers, and eliminate the cap on how many EVs each manufacturer can sell before losing their tax credits.
The Clean Energy bill, as proposed by Senator Debbie Stabenow, a Michigan Democrat, would retain the original $7,500 credit, and create two additional benefits. EVs built in the U.S. would qualify for up to another $2,500, and those built here by union workers could generate another $2,500 in credits.
The proposal would offer automakers a 30% tax credit to retool existing factories, or build new ones. It would also support new battery production, as well as sales of commercial electric vehicles, such as the new Ford E-Transit van.
Read the article at The Detroit Bureau.