Senate Backs Limiting EV Tax Credits


Everybody robin our here and they were talking about some news on the federal. Us tax credit. There's been a new introduction there in the senate then. We've got some news out of china and berlin i two quick scheduling update as i mentioned at the end of yesterday's episode. I will be traveling this week. So i'm planning on probably doing a livestream tomorrow and probably without much equipment so might just be me talking to you guys face to face and then i'll have to be off on friday. I i up here. Let's talk about what's going on with this. Ev credit so we know that yesterday the senate had passed the infrastructure bill that includes funding for charging stations that will go over to the house of representatives. But in the meantime the senate has been working on the three and a half trillion dollar budget plan which the democrats hoped pass along side the infrastructure bill so the senate has done today is passed a budget resolution by a vote of fifty to forty nine and this while also then move over to the house of representatives. The house is currently on recess but will be returning on august twenty third earlier than previously scheduled to work on this budget resolution. The best way to understand what the budget resolution is to think of it. As a blueprint or framework. This is not a bill. It's not something that eventually get signed into law but it does outline the eye level goals for the budget in terms of spending revenues deficits and allocation of the budget then also serves as a prerequisite for the reconciliation process which we've talked about a little bit in the past. We all need to go through all the details of that but basically it's about the democrats hope to be able to use to eventually get this budget through congress so this is one step along the way many steps remaining there will be a low here for a couple of weeks and will probably start to hear more when the house is back and session so i mentioned that there was news on the tax credit. That news is from this budget resolution. Which remember is just outlining the high level framework so nothing here is getting signed into law. This is really just a set. The agenda and there will be ongoing debate about what finally ends up in. The budget reconciliation process. Hopefully that provides enough context to set the stage here so bloomberg reporting via auto news. Here quote the. Us senate voted fifty-one to forty-eight for a nonbinding amendment to president joe biden's three and a half trillion dollar budget resolution aimed at limiting who can get a tax break for buying an electric car or truck. And which vehicles qualified

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