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Removing the cap on General Motors’ electric vehicle tax credits could cost taxpayer’s billions of dollars over the next decade, a DCNF analysis finds.
This comes amid reports that such a move would also hurt people’s personal income levels.
Tesla - GM - Vehicle - Tax - Credits
If Tesla and GM continue getting electric vehicle tax credits without any caps, then taxpayers will likely feel the pain.
Taxpayers are on the hook for roughly tens of billions of dollars over a decade if lawmakers eliminate a cap on electric vehicle tax credits, according to a Daily Caller News Foundation analysis.
Vehicles - US - Year - Reports - Lawmakers
There are more than 400,000 electric vehicles sold in the U.S. every year, according to some reports. If lawmakers nix the current cap electric vehicle makers enjoy, and the number of vehicles sold over the next decade remains constant, then taxpayers will get hit with a $30 billion bill.
That number might be a conservative estimate as sales of electric vehicles in 2016 and 2017 increased by 36 percent and 26 percent, respectively. Democrats introduced a bill in July that would, if passed, remove the cap and replace it with a 10-year limit. The GOP have etched out a different position.
Limit - Vehicles - Credit - Congressional - Research
The current limit is 200,000 qualifying vehicles — extending the credit through 2022 will cost roughly $7.5 billion, according to the Congressional Research Service.
But if that cap is eliminated and automakers continue producing 400,000 vehicles per year, then companies like General Motors and Tesla, among others, will make roughly 4 million cars over ten years. The DCNF multiplied that number by $7,500 to determine the cost to taxpayers over the period.
Sen - John - Barrasso - Wyoming - Bill
Republican Sen. John Barrasso of Wyoming introduced a bill in October that would end the $7,500 federal tax credit for electric cars altogether and even tax them more. Recent reports suggest lifting the cap would hurt Americans who are struggling to stay ahead...
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