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The purpose of the EV tax credit must be to help make the benefits of EV ownership achievable for all American families

Tax credit expansion should apply to all EVs

Amongst the record-breaking inflation news recently was the fact that gas prices have soared to a seven-year high, reaching a nationwide average of $3.42 according to AAA. That is $1.31 more than a year ago, meaning Americans are spending on average about $19.65 more at the pump each time they fill. Oregonians, with the fifth highest average gas prices in the country, are paying even more. This spike represents real strain for many families and is a stark reminder of one of the key benefits of electric vehicles: fuel savings. A 2020 report from Consumer Reports shows that a typical EV owner can expect to save an average of $800 to $1,000 a year on fueling costs over an equivalent gasoline-powered car. Tapping into the Strategic Petroleum Reserve, as some have suggested, is only a temporary tool while passing polices that get more EVs on the road is an answer not only to fuel cost problems but will also help reduce a major source of carbon emissions. The good news is that the Build Back Better Act includes an increase of the federal EV tax credit from $7,500 to a maximum of $12,500 which is important to make sure EVs are as affordable as comparable gas-powered models. Unfortunately, the increase will only apply to those EVs made in union manufacturing plants. Only six of the over 50 models of EVs for sale in this country will qualify for the expansion. The purpose of the EV tax credit must be to help make the benefits of EV ownership achievable for all American families. Our federal leaders should ensure that the expanded EV tax credit is applied to all qualifying EVs and I hope they make this fix before a final vote.

Deborah Lopardo

Lake Oswego


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