Senate Democratic deal includes new EV tax credits
© Reuters. FILE PHOTO: An electric vehicle charger is seen in Manhattan, New York, U.S., December 7, 2021. REUTERS/Andrew Kelly
WASHINGTON (Reuters) – A Senate Democratic deal includes a new $4,000 tax credit for used electric vehicles and new tax credits and grants for automakers to retool factories to build greener cars.
The deal struck between Senate Majority Leader Chuck Schumer and Democratic Senator Joe Manchin also includes an expansion of the existing $7,500 EV tax credit as well as a new $10 billion investment tax credit to build clean technology manufacturing facilities, according to a summary of the deal from Schumer’s office.
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