On Tuesday night, the US Senate passed an amendment that would limit the plug-in vehicle federal tax credit. Currently, tax payers are eligible for a tax credit of up to $7,500 based on the size of the vehicle's battery for the first 200,000 plug-in vehicles from a given automaker. But Republican Senator Deb Fischer of Nebraska introduced a non-binding amendment to the $3.5 trillion budget bill that would means-test this tax credit, restricting it to tax payers with incomes below $100,000.
Perhaps more significantly, Sen. Fischer's amendment also restricts the tax credit to EVs that cost less than $40,000.
Read Article