The tweaked provision on the electric vehicle tax credit is part of President Joe Biden's $1.75 trillion social and climate spending package.
Democratic lawmakers on Wednesday unveiled a revised social spending and climate provision that expands an electric vehicle tax credit of up to $12,500 for more expensive cars.The tweaked legislation, which is part of President Joe Biden's $1.75 trillion social and climate spending package, would provide a major boost to the electric vehicle market.
The House Democrats' update makes vans, sport utility vehicles and trucks priced up to $80,000 eligible for the full tax credit. The previous bill capped credits for vans priced at $64,000, SUVs priced at $69,000 and trucks priced at $74,000. The proposal also limits the full tax credit for individual taxpayers reporting modified adjusted gross incomes of $250,000, or $500,000 for joint returns. The previous plan imposed limits at $400,000 for individual filings and $800,000 for joint filings.
The transportation sector is one of the largest contributors to U.S. greenhouse gas emissions, representing about one-third of emissions ever year. The transition from gas vehicles to electric cars and trucks will be critical to combat climate change. The Democrats' proposal includes a $4,500 tax incentive with the purchase of an electric vehicle made at a unionized factory. The provision would especially benefit automakers like
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