Even Elon Musk Wouldn’t Support Missouri’s EV Tax Credit Bill
Electric vehicles (EVs) are gaining popularity in Missouri and across the country. Thousands of Missourians buy EVs each year; Kansas City is one of the fastest-growing EV markets in the country. Nationwide, EVs are expected to be about 25 percent of new car sales in 2030.
So what do some in the Missouri Legislature want to do with this burgeoning market? Subsidize it, of course. A bill prefiled in the Missouri House would subsidize Missourians for a purchase many are already making by giving out a thousand-dollar refundable tax credit for each EV purchase.
This is so redundant and unnecessary that even Elon Musk wouldn’t support it.
In a recent interview, Musk favored ending subsidies of any kind for all vehicles, whether gasoline or battery-powered.
When asked about the possibility of an up-to $12,500-per-EV tax credit being considered in Congress, Musk criticized it as unnecessary. While most makes of electric vehicles still qualify for the existing $7,500 federal tax credit, Tesla’s cars—which made up over two thirds of all EV purchases this year—haven’t for several years. Admittedly, Musk’s market power may account for some of his opposition to EV tax credits.
Musk also criticized the $7.5 billion dedicated to building EV charging stations in the recently passed federal infrastructure bill, saying that if gas stations don’t need support, EV charging stations shouldn’t either. If he doesn’t support these subsidies, I can’t imagine he’d support Saint Louis-area governments mandating new construction and property renovations being built with EV charging stations.
If the godfather (or Dogefather?) of electric vehicles thinks EV tax credits and subsidized charging stations are unnecessary, shouldn’t we?