More than 160 House Democrats are backing legislation that would bring back the federal EV credit.
Here's what in the bill proposal:
• Double the EV credit for new EV purchases from $7,500 to $15,000.
• Double the used EV credit from $4,000 to $8,000.
• Lower income thresholds for new EV tax credits:
- Married filing jointly: $225,000 (down from $300,000)
- Head of household: $169,000 (down from $225,000)
- Single filers: $112,500 (down from $150,000)
• This bill would make all these tax incentives permanent.
The legislation was introduced on October 22 and has been referred to House committees. It has not been passed into law and there is no guarantee it will become law.