Trump’s Christmas Gift to Big Oil: Killing Hopes of Electric Car Tax Credit Extension | DeSmog

Trump’s Christmas Gift to Big Oil: Killing Hopes of Electric Car Tax Credit Extension | DeSmog

The oil industry, a staunch opponent of electric vehicles (EVs), received an early Christmas present from the White House as President Trump reportedly intervened to quash an EV tax credit expansion from inclusion in a government spending package.

The tax credit is meant to help offset the upfront cost of electric vehicles and boost the EV market. Consumers who purchase an EV can currently claim a credit up to $7,500, and the credit phases out once auto manufacturers sell 200,000 qualifying vehicles. Tesla and General Motors have both hit the 200,000-vehicle cap and had lobbied for an extension. A bipartisan proposal called for allowing a $7,000 credit for an additional 400,000 vehicles sold.

That proposal, introduced earlier this year as the Driving America Forward Act, was rolled into a broader package of incentives for renewable energy that proponents hoped to pass as part of an end-of-year spending deal. But groups tied to the Koch network and backed by oil industry funding worked hard to kill the clean energy incentives. These groups sent a letter to Senate Majority Leader Mitch McConnell last week urging the Senate to oppose any bill that includes an EV tax credit extension.

via Trump’s Christmas Gift to Big Oil: Killing Hopes of Electric Car Tax Credit Extension | DeSmog