Trump Team Plans To Axe Biden’s EV Tax Credit: Report
14th November 2024
President-elect Donald Trump’s transition team is preparing to eliminate the Biden administration’s $7,500 electric vehicle tax credit as part of its broader tax reform plan, Reuters reported Thursday.
Trump’s energy-policy team, led by oil magnate Harold Hamm and North Dakota Gov. Doug Burgum (R.), has held several meetings to discuss repealing the EV subsidy, a cornerstone of President Joe Biden’s Inflation Reduction Act, sources told Reuters.
Trump plans to use savings from ending the tax credit to help fund the extension of his 2017 tax cuts, which are set to expire at the end of 2025, Reuters reported. With the GOP retaining control of the House, congressional Republicans plan to make broader tax reform a top priority.