Tesla & GM Could Get 400,000 More $7,000 Tax Credits
Congressional Democrats just introduced the Growing Renewable Energy and Efficiency Now (GREEN) Act. If this bill is passed, it will help both Tesla and GM. The bill would add more EV tax credits, an additional 400,000 units, for each automaker. Tesla and GM have already sold too many cars for their customers to benefit from the old credits, but if this bill passes, they would become eligible for a new batch of tax credits on EV purchases. The Motley Fool noted that the tax credit this time around would be $7,000 per car.
The new law will not count the sales Tesla made prior to the enactment of the new law, though. The reason behind that is to not penalize Tesla for selling over 700,000 EVs in the US over the last five years.
Perhaps there will be a few buyers who feel a bit cold or bitter over this, but it makes sense for these new credits to be applied on the newer purchases. I mean, vehicles numbered 200,001 through 781,078 have already been purchased and the goal of this act is to push more sales. It wouldn’t make sense to give the tax credits to those who have already bought the vehicle. It would be nice, but so would warm weather year-round without mosquitoes and soul-sucking humidity.
For those feeling left out: if the bill passes, and hopefully it will, you can take comfort knowing that you are contributing to cleaner air with your purchase of an EV.
All photos by Zach Shahan/CleanTechnica