Washington, D.C. – U.S. Senator Catherine Cortez Masto (D-Nev.) cosponsored the Electric CARS Act to extend the life of the electric vehicle tax credit for the next 10 years.
“I am proud to cosponsor legislation that will allow consumers to continue receiving important tax credits that encourage the use and development of electric vehicles in our state, and throughout the country. This tax credit helped put over 37,000 electric or electric hybrid vehicles on Nevada’s roads today, and there are projected to be over 7 million electric vehicles in use across the country by 2025. As a result of this increase in demand, electric vehicle manufacturers like Tesla are providing Nevadans with good paying jobs and growing our technology industry. Nevada is the Innovation State, and I will keep fighting in Congress to ensure Nevada remains the leader in pioneering technology that reduces the impact of global warming and strengthens our economy.”
This bill was introduced by U.S. Senator Jeffrey A. Merkley (D-Ore.) and cosponsored by Senator Martin Heinrich (D-N.M.).
BACKGROUND:
Currently, a federal tax credit of up to $7,500 is available for buyers of electric vehicles. However, the number of credits is capped at 200,000 vehicles for each manufacturer. That cap is expected to be hit by manufacturers as early as this year, rendering the credit unavailable to buyers.
The Electric CARS Act of 2018 would:
- Eliminate the current per-manufacturer electric vehicle tax credit cap and replace it with a 10 year extension of the program.
- Allow buyers to claim their tax credit when they purchase their car, instead of requiring them to wait until they file their income taxes.
- Extends the alternative fuel vehicle refueling property tax credit and the fuel cell vehicle credit for the next 10 years.