Peters Urges Senate Finance Committee to Preserve Electric Vehicle Tax Credit in New Tax Legislation
WASHINGTON, DC – U.S. Senator Gary Peters (D-MI) today sent a letter to U.S. Senator Orrin Hatch (R-UT), Chairman of the Senate Finance Committee, urging the committee to preserve the Electric Drive Vehicle Credit (EV Credit) in the forthcoming Senate tax reform proposal. The EV Credit, which drives innovation and economic growth for the American automotive industry, was omitted in the House Republicans’ draft tax legislation released last week. U.S. Senator Debbie Stabenow (D-MI), a senior member of the Senate Finance Committee, will also work to maintain this essential tax credit when the committee considers the Senate bill.
“The American middle class was shaped in the 20th century by the mass production of combustion engine automobiles,” wrote Senator Peters. “A new generation of jobs and families will be supported by electric vehicles. Eliminating important economic incentives for electric vehicles would be a step in the wrong direction.”
The EV Credit helps incentivize production and consumer adoption of electric vehicles. Electric drivetrains are the preferred power source for self-driving vehicles, and the EV Credit will be an important economic incentive as manufacturers continue developing self-driving vehicle models. Preserving the EV Credit will ensure that the United States remains at the forefront of vehicle innovation that creates new jobs and keeps American globally competitive.
The text of the letter is below and available here:The Honorable Orrin HatchChairCommittee on FinanceWashington, DC 20510
Dear Chairman Hatch,
As you consider the contents of the forthcoming tax legislation, I urge you to preserve the Plug-In Electric Drive Vehicle Credit (commonly known as the Electric Vehicle, or EV Credit). I am concerned that the credit was not included in the initial tax legislation introduced in the U.S. House of Representatives. As the Senate Finance Committee considers its own proposals for restructuring of the tax code, I urge you to retain this important driver of economic growth and future competitiveness.
Electric vehicles are critical to both the current and future global competiveness of the American automotive sector. The EV credit is a key incentive in paving the way for customer acceptance of electric vehicles, which in turn moves us towards a more sustainable and competitive transportation future. In addition, because electric drivetrains are the preferred configuration for self-driving vehicles, the preservation of the EV credit will prove to be a critical economic incentive as we move toward the adoption of fully-automated vehicles.
The American middle class was shaped in the 20th century by the mass production of combustion engine automobiles. A new generation of jobs and families will be supported by electric vehicles. Eliminating important economic incentives for electric vehicles would be a step in the wrong direction.
Thank you for your consideration of this letter.
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