Republican plan would axe EV tax break

The roll back of vital incentives would come just before a major push from carmakers to bring electric vehicles into the mainstream

The Republican proposal for sweeping changes to the American tax code holds some bad news for electric vehicles. The first draft of the law would eliminate the $7,500 federal tax credit that buyers of new EVs can claim, Bloomberg reports. This is a vital financial incentive for Tesla, Chevrolet and other EV manufacturers. The bill would immediately repeal the tax credit, which was put into place in 2011 as part of president Barack Obama's post-financial crisis recovery plan. The timing could hardly be worse for the EV industry. Dozens of new EV models are due to hit the road in 2019 and 2020 as the world's top automakers enter into the market. Many of these will be luxury vehicles aimed at b