Tesla rises on news that the tax credit for electric vehicles may be extended. The legislation has been proposed by a bipartisan group of lawmakers.
The extension, which is backed by GM and Tesla, may face opposition from the Trump White House.Tesla opened up more than 2% following a report that a group of lawmakers, both Democrats and Republicans, are seeking to extend theThe electric vehicle maker's $7,500 tax credit began winding down under current legislation as Tesla exceeded the 200,000 limit cap in 2018. By year-end 2019 the tax credit will expire completely.
If passed, the proposed legislation, the"Driving America Forward Act," would extend the vehicle cap to 600,000 at a rate of $7,000. Senators Debbie Stabenow , Gary Peters , Lamar Alexander , Susan Collins and Representative Dan Kildee sponsored the legislation, according to Reuters. In addition to the electric vehicle extension, the bill would also extend the hydrogen fuel cell credit. The total cost of the legislation is expected to top $11 billion with a cost of $10 billion for the EV credit extension.
The bill has the backing of a wide variety of automakers with Tesla and GM having lobbied for an extension of the credit for over a year. Despite this, the legislation may face significant opposition as the
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