The bill could be a boon for the growing electric vehicle market. The existing $7,500 tax credit for buyers of EVs phases out over 15 months once an automaker sells 200,000 electric cars.
Tesla shares rose 1.5 percent Wednesday on news that a bipartisan group of lawmakers plan to introduce a bill to expand federal tax credits for buyers of electric vehicles.
div > div.group > p:first-child"> The tax credit for Tesla buyers was halved to $3,750 on Jan. 1. GM's tax credit is likewise fell starting April 1. Reuters reported, and CNBC confirmed, that the"bill dubbed the"Driving America Forward Act" would grant each automaker a $7,000 tax credit for an additional 400,000 vehicles on top of the existing 200,000 vehicles eligible for $7,500 tax credits. It would shorten the phase-out schedule to nine months."
The bill is sponsored by Democratic Senators Debbie Stabenow and Gary Peters, Republican Senators Lamar Alexander and Susan Collins and Democratic Representative Dan Kildee, Reuters reported.This is a breaking news story. please check back for updates.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Elon Musk, Tesla faulted by SEC as U.S. judge weighs billionaire's contempt caseA federal judge in Manhattan began considering on Thursday whether Tesla Inc Chi...
Read more »
US judge gives Tesla CEO Elon Musk, SEC two weeks to work out their issuesUS Judge Alison Nathan ordered Musk and the SEC to 'take a deep breath, put on your reasonableness pants' and work out a solution.
Read more »
Elon Musk safe for now as U.S. judge urges Tesla CEO, SEC to resolve tweet disputeTesla's Chief Executive Elon Musk and the U.S. Securities and Exchange Commission face off in court via ReutersTV
Read more »
SEC steps on Tesla 'reasonable' to prevent problems: commissionerThe U.S. securities watchdog's request that a federal judge hold Tesla Inc ...
Read more »
Elon Musk safe for now as U.S. judge urges Tesla CEO, SEC to end tweet disputeTesla's Elon Musk and SEC to square off in a Manhattan court via ReutersTV
Read more »
US disengagement in the Middle East is 'a concern to all of us,' Dutch minister saysSpeaking on a CNBC-moderated panel about global geopolitical shifts affecting the region's security landscape, Kaag said that Europe wouldn't be able to fill any void left by the U.S. if the Middle East required major economic assistance.
Read more »
Attorney General Barr to appear before Congress for first time since Mueller reportU.S. Attorney General William Barr will appear before a U.S. congressional panel...
Read more »
US stock futures mixed amid ongoing US-China trade talksU.S. stock index futures were mixed Thursday morning, as talks over a trade deal between the world's two largest economies enter what could be the final stages.
Read more »
Top U.S. trade official says EU, U.S. 'working hand in hand' on ChinaEuropean Union leaders did not take issues with Chinese trade policy as seriousl...
Read more »
27 TV Moments From This Week That We Can't Stop Talking AboutThis Is Us ended Season 3 by leaving us with more questions about the future.
Read more »