If the electric vehicle tax credit had been extended, there would have been a $7,000 credit until a manufacturer hit 600,000 vehicles sold.
Tesla, General Motors and other players in the electric-vehicles sector have come up short in the scramble around a Congressional year-end tax package and failed to score an expansion for a credit.
The current $7,500 EV tax credit, which allows taxpayers to deduct part of the cost of buying an electric car, phases out once an automaker hits 200,000 cumulative EV sales, and both Tesla TSLA, -0.66% and GM GM, +0.55% already have sold more than 200,000 electric vehicles. If the extension had gotten the green light, there would have been a $7,000 credit until a manufacturer hit 600,000 vehicles sold.
The Driving America Forward Act has been the bill that Tesla lobbied on the most in 2019, according to an OpenSecrets.org analysis of disclosures. It also has been a focus for GM.Before the expansion of the EV tax-credit failed to make it into the year-end package that features many so-called “tax extenders,” some supporters of it had sounded upbeat about its chances.
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