U.S. Senate Democratic Deal Would Expand EV Tax Credits

  • by:
  • Source: U.S. News
  • 07/28/2022
WASHINGTON (Reuters) -A Senate Democratic deal includes a new $4,000 tax credit for used electric vehicles and other new tax credits and grants for automakers to retool factories to build greener cars.

The deal struck between Senate Majority Leader Chuck Schumer and Democratic Senator Joe Manchin also includes an expansion of the existing $7,500 EV tax credit as well as a new $10 billion investment tax credit to build clean-technology manufacturing facilities, according to a summary from Schumer's office.

The bill that Schumer and Manchin agreed to also includes $2 billion in cash grants to retool existing auto manufacturing facilities "to manufacture clean vehicles, ensuring that auto manufacturing jobs stay in the communities that depend on them."
black and silver car on parking lot by Michael Fousert is licensed under Unsplash unsplash.com

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