One of the Koch brothers wants to put the kibosh on a tax cut that helps Tesla (TSLA) – Finance

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  • Charles Koch, billionaire mega-donor, known for helping conservative politicians, lobbied for teslaaccording to Bloomberg.
  • Republican Senator Dean Heller from Nevada proposed earlier this month to remove the current cap on electric vehicles eligible for tax credits, but phasing out a loan for the entire industry in 2020.
  • Tesla whose Gigafactory according to Reuters, is in Nevada, lobbied Congress to raise the cap on electric vehicles.
  • Here you can see Tesla trade.

Billionaire Mick donor Charles Koch, one of the two Koch brothers, who is known for helping conservative policy makers, is lobbying legislation that will be useful for electric vehicle manufacturers, such as tesla,

“Subsidizing the rich with tax dollars is not only bad policies, but also an increase in our national deficit,” said lobbyist Koh Philip Ellender in a letter sent to the senators reported by Bloomberg.

"I strongly urge you to oppose the expansion of loans on electric vehicles (EV) until 2022."

Credit expansion bill was Republican Senator Dean heller earlier this month. Under current law, only electric vehicles below a certain price are eligible for a tax credit of $ 7,500. After the manufacturer hits 200,000 EV, a tax credit is sold starting from the next quarter. Heller suggested at raise the current capital limit on electric cars according to Reuters law, to repay a loan for the entire industry in 2020.

Heller’s bill will increase the demand for electric cars made in his state where the Gigafactory Tesla is located. Tesla said in July he delivered 200,000 electric cars to American customers, which, in accordance with current legislation, will reduce tax benefits by 50% within six months, and then reduce these loans to $ 1,875 by another six months before it ends. Heller’s legislation will extend Tesla’s tax benefits until 2020. According to Reuters, Tesla lobbied Congress to remove the cap on electric vehicles that are eligible for a $ 7,500 tax credit.

Electric car on Wednesday published unexpected third quarter earnings – thanks to the strong revenue generated by his Model 3 sedan. Tesla announced last week cheaper version of model 3 sedan starting at $ 45,000. According to Elon Musk CEO, the sedan will cost about $ 35,000 in California after federal and state tax breaks.

Tesla grew by 2% this year.

View the full Bloomberg report here.,

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