Sport Investors League
  • Politics
  • Stocks
  • Investing
  • Business

Sport Investors League

  • Politics
  • Stocks
  • Investing
  • Business
Business

Gov. Gavin Newsom says he will provide residents rebates if Trump removes EV tax credit

by admin November 26, 2024
November 26, 2024
Gov. Gavin Newsom says he will provide residents rebates if Trump removes EV tax credit

California Gov. Gavin Newsom said the state will provide rebates to residents if President-elect Donald Trump’s incoming administration does away with a federal tax credit for electric vehicles.

In a news release issued Monday, Newsom said he would restart the state’s Clean Vehicle Rebate Program, which provided financial incentives on more than 590,000 vehicles before it was phased out late 2023.

‘We will intervene if the Trump Administration eliminates the federal tax credit, doubling down on our commitment to clean air and green jobs in California,’ Newsom said. ‘We’re not turning back on a clean transportation future — we’re going to make it more affordable for people to drive vehicles that don’t pollute.’

The federal rebates on new and used electric vehicles were implemented in the Inflation Reduction Act that President Joe Biden signed into law in 2022. When Trump’s second term in office begins next year, he could work with Congress to change the rules around those rebates. Those potential changes could limit the federal rebates, including by reducing the amount of money available or limiting who is eligible.

Limiting federal subsidies on electric vehicle purchases would hurt many American automakers, including Ford, General Motors and the EV startup Rivian. Tesla, which also builds its automobiles in the United States, would take a smaller hit since that company currently sells more EVs and has a higher profit margin than any other EV manufacturer.

Newsom also announced earlier this month that he will convene a special session in December ‘to protect California values,’ including fundamental civil rights and reproductive rights, that he said ‘are under attack by this incoming administration.’

‘Whether it be our fundamental civil rights, reproductive freedom, or climate action — we refuse to turn back the clock and allow our values and laws to be attacked,’ Newsom said on X on Nov. 7.

A spokesperson for Trump did not immediately respond to a request for comment.

This isn’t the first time California will be taking action against the Trump’s administration concerning clean transportation legislation.

In 2019, California and 22 other states sued his administration for revoking its ability to set standards for greenhouse gas emission and fuel economy standards for vehicles, The Associated Press reported.

California sued the Trump administration over 100 times during his first term, primarily on matters including gun control, health care, education and immigration, the Los Angeles Times reported.

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Macy’s says employee hid up to $154 million in expenses since 2021
next post
Rick Rule: Contrarian or Victim? Where to Invest (and Speculate) in 2025

Related Posts

Netflix shares soar as company reports surging revenue,...

January 23, 2025

Tesla investors want Elon Musk to answer questions...

January 31, 2025

Playboy moving its headquarters to Miami Beach and...

August 17, 2025

Chevy Bolt owners to receive settlement checks after...

May 20, 2024

Amazon gets FAA approval for new delivery drone...

November 7, 2024

Walmart pulls back on DEI efforts, removes some...

November 27, 2024

Small-business AI use is lagging, but one firm...

June 26, 2025

Cracker Barrel shares plummet after pushback on new...

August 23, 2025

Denny’s set to close dozens more locations this...

February 17, 2025

Walmart fined for shipping realistic toy guns to...

May 29, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent

    • Trump nominees squeezed between ‘blue slips’ and blue obstruction

      September 1, 2025
    • Trump says he will require voter ID with executive order

      September 1, 2025
    • Former FBI Director Robert Mueller has Parkinson’s disease: report

      September 1, 2025
    • Commencement of Henbury Field Program

      September 1, 2025
    • RCM to Acquire Webbs Consol Silver Project from Lode Res.

      September 1, 2025

    Categories

    • Business (1,092)
    • Investing (2,946)
    • Politics (3,598)
    • Stocks (1,155)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sportinvestorsleague.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 sportinvestorsleague.com | All Rights Reserved