North Carolina’s economy has undergone many important transitions over the last several decades. But in recent years there’s been no more promising arrival on the scene than the electric vehicle industry.
As experts at the national Electrification Coalition pointed out last week, federal EV tax credits have helped spur the creation of more than sixteen thousand jobs and over twenty billion dollars in investments in the state in recent years. And, of course, these are jobs and investments that are not only good for the state’s economy, but for the world as it struggles to end its heroin-like addiction to fossil fuels.
Unfortunately, the massive budget and tax bill approved by the U.S. House last week places all of this in jeopardy by eliminating several tax credits supporting the industry.
The bottom line: Our nation currently spends hundreds of billions of dollars each year subsidizing the fossil fuel industry. The least North Carolina’s congressional delegation can do is help to retain some modest subsidies for an industry of the future that helps our people and our planet.
For NC Newsline, I’m Rob Schofield.
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