End ‘Alternative’ Vehicle Tax Credits
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 better uses.
State senators have voted – by a 33-1 tally – to end the credit. Even as they were doing so, 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 the tax credit, too.