Tax Credit for Tesla, Other Electric Cars Axed in GOP Bill

The push by Tesla Inc., General Motors Co. and other carmakers to boost sales of electric vehicles was dealt a blow by House Republicans Nov. 2 when they proposed eliminating a $7,500 per vehicle tax credit that has helped stoke early demand.

If adopted, the repeal would take effect after the 2017 tax year, according to a summary of the bill released by the House Ways and Means Committee as part of a sweeping overhaul of the U.S. tax code that would eliminate some deductions and cut the corporate tax rate to 20 percent. The Senate is crafting its own ...