Biden Infrastructure Plan Targets Electric Cars, Clean Power

Bloomberg2021-03-31

(Bloomberg) -- President Joe Biden is calling for sweeping investment in electric vehicles, renewable power and the electric grid as part of a broad blueprint to bolster the U.S. economy while ...

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Lingclass
·2021-04-01
Wow! This is the direction
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Si4ng16
·2021-03-31
Great news
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Some $174 billion in government funding would go to the electric vehicle initiatives, according to a White House fact sheet summarizing the Biden plan.Under Biden’s blueprint, Congress is also being asked to sustain tax incentives that encourage more motorists to buy electric vehicles. Those tax credits are currently valued at as much as $7,500 for the purchase of an electric vehicle. But Tesla Inc. and General Motors Co. have already passed an existing 200,000-per-manufacturer ceiling at which the value of those credits phases down.Biden is asking Congress to “give consumers point-of-sale rebates and tax incentives to buy American-made EVs, while ensuring that these vehicles are affordable for all families and manufactured by workers with good jobs,” the White House said.Senator Debbie Stabenow and Representative Dan Kildee, both Michigan Democrats, are working with the White House and Democratic leadership on a plan to do away with the 200,000-vehicle ceiling. Another possible change includes better targeting the credit to middle- and lower-income motorists -- a shift that was part of the Biden campaign’s tax plans, according to the Tax Policy Center, which analyzed them last year.Biden is also seeking an expansion of a tax credit that supports the underground storage of carbon dioxide, which is popular with both environmentalists and oil companies. According to the White House summary, Biden’s plan would revamp the carbon-capture tax credit so it benefits retrofits of existing power plants, technology directly capturing greenhouse gas emissions from the air and hard-to-decarbonize industrial sectors, such as steel and cement making.Electric grid improvements are also on Biden’s agenda, which envisions the creation of an investment tax credit focused on electric transmission, as well as permitting changes to promote the siting of new power lines along roads and railways. 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