| Categories: EV Enthusiasts, Media | Tags: , drive electricinnovationsave moneytax credits
The federal tax reform bill officially passed on December 20, and the bill did not include the repeal of the federal electric vehicle (EV) tax credit – a big win for EVs! Thank you to all of the DENC supporters who contacted your senator or congressperson to express your wish to see the federal EV tax credit preserved. The federal EV tax credit means up to $7,500 for EV buyers and has been a significant boon to the adoption of electric vehicles. Many economists and prominent automotive industry figures believe we are reaching a tipping point for EV adoption, so it is important that the EV tax credit be preserved at least until EV adoption gets beyond this point.
In addition to mobilizing constituents to call their elected officials, DENC’s umbrella organization, the Electrification Coalition, worked with mayors from around the U.S. to signify their support for the preservation of the tax credits. Nearly two-dozen mayors advocated for the tax credit, emphasizing that the increased consumer demand for EVs that arose through this tax credit has resulted in the creation of 200,000 new jobs in the U.S. automobile industry, driven technological innovation, reduced oil dependence, saved consumers money, and generated economic benefits.
Securing America’s Future Energy (SAFE), a partner of the Electrification Coalition, advocated for the preservation of the federal EV tax incentive in Washington. The following is an excerpt of a statement by CEO and President of SAFE, Robbie Diamond:
“Retaining the federal tax credit allows the U.S. to counter oil’s monopoly over our transportation system by leveraging electricity as a transportation fuel. Unlike oil, electricity is low in cost and stable in price, and is sourced from a diverse set of domestic fuels including natural gas, nuclear, coal, and renewables. This bill, while imperfect, is a strong example of what needs to be done on a regular basis to address our oil dependence.
Electric vehicles benefit the U.S. economy and federal budget, supporting domestic jobs and investment, while helping consumers at the pump: The cost to fuel an EV is approximately half that of its conventional gasoline counterpart, generating meaningful savings for American households and businesses. EVs also reduce our need to import fuel. The U.S. has spent $2.5 trillion on imported oil in the last 10 years, $1.6 trillion of which has flowed directly to OPEC member states, and the nation spends an estimated $67.5 billion every year to ensure the security of global oil supply lines.”