Energy sector has winners and losers in GOP tax plan - InfoNews

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Energy sector has winners and losers in GOP tax plan

November 03, 2017 - 10:52 AM

WASHINGTON - The energy industry has winners and losers in the new House GOP tax bill. Losers are the electric car industry and producers of wind power and other clean energy.

Winners include oil and gas and the nuclear power industry, which would see tax breaks preserved.

The bill's release alarmed manufacturers such as electric car maker Tesla, and environmentalists are howling over the loss of tax credits for renewable energy.

The measure repeals a tax credit for plug-in electric vehicles like the Tesla Model 3 and Chevrolet Bolt. Electric cars are just 1 per cent of sales nationwide, but several states have mandates that such "zero emission vehicles" make up a much larger portion of vehicle sales.

Manufacturers worry that eliminating the tax credit would make it impossible to meet those targets.

News from © The Associated Press, 2017
The Associated Press

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