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President Obama's Budget Proposal Includes an Increase in the Electric Vehicle Tax Credit

Apr 11 2013, 12:22pm CDT | by , in News | Cars & Vehicles

President Obama's Budget Proposal Includes an Increase in the Electric Vehicle Tax Credit

Obama wants the electric vehicle credit to be $10,000

This week President Obama sent his 2014 budget proposal over to Congress. Reports indicate that one of the big changes in the budget proposal is an increase in the federal tax credit to entice more Americans to purchase electric vehicles. Currently that federal tax credit is $7500.

Owners have to buy the vehicle at full price and then can get up to $7500 back as a tax credit at the end of the year. Obama's new budget wants to increase that tax credit to $10,000. Even more interesting than an increase in the federal tax credit for electric vehicles is that Obama wants dealerships to be able to get that money rather than consumers.

That would mean that dealerships would be able to offer consumers a $10,000 discount at the point-of-sale. The tax credit would be simply removed from the purchase price of the vehicle rather than having to wait until the end of the year when the buyer files their taxes. The budget does have to be approved so whether or not this will actually get approved remains to be seen.

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