Pros and Cons of Tax Credits for Electric Vehicles
Boosting the EV market vs. supporting Chinese companies
The End Chinese Dominance of Electric Vehicles in America Act of 2024 (H.R. 7980) — introduced by Rep. Carol Miller (R-W.Va.) on April 15 — aims to reduce American reliance on Chinese companies by excluding from the new clean vehicle tax credit any vehicles with parts processed by a company with ties to China, Iran, Russia or North Korea. The Biden administration introduced the tax credit to make electric vehicles (EVs) more affordable by taking up to $7,500 off the price of new EVs and $4,000 off for used EVs….
