The bipartisan bill would raise the electric vehicle sales cap for automakers, including GM, which recently sold more than 200,000 plug-in electrified vehicles. The EV tax credit applies to the Chevrolet Bolt EV (pictured). - Photo courtesy of GM.

The bipartisan bill would raise the electric vehicle sales cap for automakers, including GM, which recently sold more than 200,000 plug-in electrified vehicles. The EV tax credit applies to the Chevrolet Bolt EV (pictured).

Photo courtesy of GM.

New legislation to raise the electric vehicle sales cap for automakers from 200,000 to 400,000 cumulative sales was proposed by a group of bipartisan lawmakers, according to Reuters.

General Motors and Tesla both reached their respective 200,000 cumulative EV sales, which reduced the $7,500 electric vehicle tax credit, according to CNBC. The credit consumers receive for purchasing a Tesla fell to $3,750 at the start of 2019. The credit for GM's Chevrolet Bolt EV or Chevrolet Volt dropped to the same amount on April 1.

The provision would give both automakers a boost, and the proposal could be considered in the next few months, according to Reuters.

The Driving America Forward Act, introduced by Senators Debbie Stabenow (D-Mich.), Lamar Alexander (R-Tenn.), Susan Collins (R-Maine), and Gary Peters (D-Mich.), according to the Electric Drive Transportation Association.

Conversely, in March the Trump administration announced plans to cut the $7,500 federal tax credit as part of its 2020 budget proposal, and before this a bill to terminate the federal tax credit was introduced in October 2018 by U.S. Sen. John Barrasso (R-Wyo.).

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