The bill is sponsored by Democratic Senators Debbie Stabenow and Gary Peters, Republican Senators Lamar Alexander and Susan Collins and Democratic Representative Dan Kildee, the sponsors told Reuters ahead of its official introduction.
The bill could lift electric vehicle sales in a boost for automakers that have committed tens of billions of dollars to meet rising global emissions requirements.
The existing $7,500 EV tax credit, which allows tax payers to deduct part of the cost of buying an electric car, phases out over 15 months once an automaker hits 200,000 cumulative EV sales. GM saw its tax credit cut to $3,750 on April 1. Tesla’s tax credit fell to $3,750 on Jan. 1 and will end entirely at year’s end.
