• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Editor's Pick Gov. Gavin Newsom says he will provide residents rebates if Trump removes EV tax credit
Editor's Pick

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

by November 25, 2024
by November 25, 2024 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

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
You Might Also Like
  • Why the Fed keeping rates higher for longer may not be such a bad thing
  • WWE agrees to merge with UFC to create a new company run by Ari Emanuel and Vince McMahon
  • Sequans and Thales Partner to Deliver the First Integrated SIM Solution Supporting the Latest GSMA eSIM IoT Standard
  • Social Security recipients are on track to receive the smallest COLA increase since the pandemic began
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Macy’s says employee hid up to $154 million in expenses since 2021
next post
A Bullish Opportunity in CrowdStrike (CRWD) with OptionsPlay Strategy Center

You may also like

Quectel Launches Wi-Fi HaLow Module to Address Extensive Indoor and...

March 15, 2023

Troubled regional lender PacWest sells $2.6 billion loans at discount

May 24, 2023

Blue-collar hiring and pay gains stay hot in a cooling...

December 13, 2023

To fix Starbucks, incoming CEO will have to tackle its...

August 20, 2024

GM to increase production of high-performance Cadillac Escalade V8 SUV

July 17, 2024

GM lays off 1,000 employees amid reorganization and cost-cutting

November 16, 2024

Major retailers are backtracking on self-checkout

July 4, 2024

FTC launches probe into ‘surveillance pricing’ that it says links...

July 24, 2024

Global debt has grown to $315 trillion this year —...

May 30, 2024

Cruise CEO Kyle Vogt resigns from GM-owned robotaxi unit

November 22, 2023

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


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

    Recent Posts

    • The V Reversal is Impressive, but is it Enough?

      May 9, 2025
    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout, pulls outlook

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025
    • The Unpredictable Stock Market: How to Make Sense of It

      May 8, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,633 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,339 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,321 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,303 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,186 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,531)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • The V Reversal is Impressive, but is it Enough?

      May 9, 2025
    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout,...

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,531)

    Disclaimer: RoundTableThoughts.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 © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Aviation incidents seem to be proliferating,...

    March 10, 2024

    Disney to limit Marvel movie releases...

    May 9, 2024

    Murdoch family battle highlights Nevada’s secret...

    August 14, 2024
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here