House Republicans, led by Rep. Jodey Arrington (R-TX), are moving forward with a bill to repeal the Biden administration’s tax credit for electric vehicles (EVs). The Eliminating Lavish Incentives to Electric Vehicles Act would eliminate the $7,500 tax credit for new and used EVs and slash “woke and wasteful spending.”
The move comes as President Donald Trump reverses many of the Biden-era green energy policies. Arrington stated that Democrats ran up the bill on taxpayers to the tune of billions of dollars with the Inflation Reduction Act.
The proposed legislation aims to stop taxpayer money from subsidizing luxury electric vehicles, close a loophole for leasing EVs, and align with Trump’s executive order ending the 50% new car sales mandate for EVs by 2030. The U.S. Oil & Gas Association welcomed the potential repeal, saying it would benefit the auto industry by shifting back to traditional production lines.
Tesla CEO Elon Musk also supports repealing the tax credit, stating that “taking away subsidies” would only help Tesla. However, smaller companies relying on the tax credit for consumer affordability may face setbacks.
Source: https://www.foxnews.com/politics/gop-lawmaker-seeks-slam-brakes-bidens-woke-wasteful-ev-tax-credit