House GOP Tax Bill Would End Electric-Car Tax Credits
- House tax reform plan would kill $7,500 electric car credit
- Elimination comes as carmakers plan major electric car push
Tesla Shares Tumble on Potential Loss of Tax Credit
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The push by Tesla Inc., General Motors Co. and other carmakers to boost sales of electric vehicles was dealt a blow by House Republicans who on Thursday proposed eliminating a $7,500 per vehicle tax credit that has helped stoke early demand.
“That will stop any electric vehicle market in the U.S., apart from sales of the highly expensive Tesla Model S,” said Xavier Mosquet, senior partner at consultant Boston Consulting Group, who authored a study on the growth of battery powered vehicles. “There’s no Tesla 3, no Bolt, no Leaf in a market without incentives.”