Legislation ending electric vehicle tax credits saves taxpayers billions and strengthens infrastructure investment
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WASHINGTON, February 6, 2018 – Today, the American Petroleum Institute announced its support for the “Fairness for Every Driver Act” which repeals the electric vehicle tax credit and generates additional revenue for the Highway Trust Fund through a federal highway user fee on alternative fuel vehicles. The bill was introduced today by Senator John Barrasso (R-WY) and Representative Jason Smith (R-MO).
“We applaud Senator Barrasso and Representative Smith for this wise approach to taxpayer fairness and infrastructure investment. The electric vehicle tax credit has allowed the government to pick winners and losers at the expense of taxpayers, and it is time for that to end,” said Frank Macchiarola, API Vice President of Downstream and Industry Operations. “The data shows that current policy essentially provides tax breaks for the wealthy to purchase luxury cars at the expense of working families. In fact, the top 20 percent of earners receive 90 percent of all of these tax credits. Senator Barrasso is right when he says, ‘it’s time to pull the plug on subsidies for electric vehicles’.
“Not only does this legislation end the electric vehicles tax credit - saving taxpayers billions of dollars - it also increases investment in our roads and bridges. Like other consumers, electric vehicle drivers should pay their fair share to help support American infrastructure projects. This legislation is an important first step in the right direction in creating a fair, level-playing field for all Americans.”
API is the only national trade association representing all facets of the natural gas and oil industry, which supports 10.3 million U.S. jobs and nearly 8 percent of the U.S. economy. API’s more than 600 members include large integrated companies, as well as exploration and production, refining, marketing, pipeline, marine businesses, and service and supply firms. They provide most of the nation’s energy and are backed by a growing grassroots movement of more than 47 million Americans.