Senate Committee Okays Bill To Boost Electric Vehicle Credits Up To $12,500

In an effort to promote electric vehicle sales and, in turn, reduce the nation’s carbon footprint, the U.S. Senate Finance Committee has advanced legislation the would reset the current EV incentive program and enable tax credits as rich as $12,500, but there’s a catch.

The current program, which was enacted in 2010, gives EV buyers a one-time federal income tax credit of $7,500. However, these credits are not permanent, and phase out in two steps during the calendar year after an automaker sells 200,000 electric cars and/or plug-in hybrids. As it stands those buying or leasing EVs from Tesla and General Motors do not qualify for the credit,

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