Daily Tax Report ®

White House Budget Plan Seeks Tax Break Changes

March 11, 2019, 8:20 PM

The president’s budget request for fiscal year 2020 suggests several changes to popular tax credits, including the repeal of a tax break for electric vehicles.

Eliminating the tax credit of up to $7,500 for consumers who purchase new electric vehicles would save the federal government about $2.5 billion over 10 years, according to the budget proposal released March 11.

The current tax code Section 30D credit begins to phase out after for each manufacturer after selling 200,000 eligible vehicles. Automakers like Tesla Inc. and General Motors Co. have been lobbying Congress to expand the vehicle limit....

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