Senate Republicans Aim to Halt EV Tax Credits
Senate Republicans proposed ending the $7,500 tax credit for new electric vehicles 180 days after their bill becomes law and a $4,000 credit for used EVs 90 days after approval, contrasting with the House's version that extends credits further.
- Country:
- United States
Senate Republicans unveiled a tax and budget bill on Monday that targets electric vehicle incentives. The bill proposes ending the $7,500 new electric vehicle tax credit 180 days post-enactment, alongside terminating a $4,000 used EV credit 90 days after approval.
In contrast, the House of Representatives' version supports extending the $7,500 new EV credit until the end of 2025 and allows automakers yet to reach 200,000 EVs sold to extend until 2026. This reflects a division in legislative approaches to encouraging electric vehicle adoption.
Additionally, the Republican Senate Finance Committee suggests a tax exemption on interest paid for loans on new cars manufactured in the U.S., aiming to promote domestic automotive production and sales.
(With inputs from agencies.)
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