The Biden administration made its biggest bid yet to increase the number of electric cars on American roads as part of its $2.25 trillion infrastructure proposal.
Calling the proposal “big” and “bold,” President Joe Biden said he will ask Congress to approve spending on electric car infrastructure including rebates, additional public charging stations, and even electric school buses.
Currently, the government offers tax credits as high as $7,500 for electric cars, but they have a limit of 200,000 credits available per automaker. Tesla and General Motors have exhausted their credits. Revisions to the tax credit could reopen them to car buyers who might want a Tesla Model 3 or a Chevrolet Bolt EV, though analysts have suggested that the tax credit may include a shift to be more accessible to lower- and middle-income earners.
To pay for the tax credit, the Biden administration is hoping to increase the corporate tax rate and to close loopholes that let businesses move their profits to overseas divisions.
One thing President Biden did not comment on was any plan to move away from internal combustion engines. California has said it will work toward banning the sale of new gasoline- and diesel-fueled vehicles by 2035, but it appears there is no end date in sight at the federal level. Find an electric car for sale