An extension of a consumer tax credit for electric vehicle purchases sought by a bipartisan contingent of lawmakers could cost as much as $15.7 billion, according to an analysis prepared by opponents of the effort.
The analysis of legislation by Senator Debbie Stabenow, a Michigan Democrat, to grant automakers a $7,000 tax credit for an additional 400,000 vehicles was prepared by American Fuel & Petrochemical Manufacturers, a Washington trade group.
The current $7,500 per-vehicle incentive for consumers, credited with helping establish the nascent market for electric cars, phases down once a manufacturer sells 200,000 of the vehicles.
Stabenow’s bill would...
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