Putting on the Brakes
West Virginia taxpayers should not be subsidizing the electric vehicle industry, which ought to be allowed to prosper or wither on its own merits.
Yet for the past few years, we have been doing just that-through a $7,500 income tax credit for purchasers of hybrid and all-electric cars and trucks.
That costs the state about $6 million a year-money for which we have much better uses.
State senators have voted-by a 33-1 tally-to end the credit for electric, plug-in hybrid, solar and hydrogen-fueled vehicles. If the bill becomes law, these tax credits would end starting April 15.
Even as Senate lawmakers were considering this bill, it was reported state government revenues were below projections again in March. The state is on target to end the fiscal year with a $60 million deficit.
Members of the House of Delegates should approve elimination of these tax credits, too.