Mr. President, I rise today to introduce the Charging America Forward Act, based on similar legislation I offered last year, to drive innovation and advance vehicle manufacturing and to lower costs…
Mr. President, I rise today to introduce the Charging
America Forward Act, based on similar legislation I offered last year, to drive innovation and advance vehicle manufacturing and to lower costs for consumers when they buy these great new cars and trucks of the future which, by the way, I would remind folks are being made in Michigan. So we want people to be buying those automobiles.
In his State of the Union Address, President Obama called on us to rise to the challenge of the 21st-century economy to outinnovative, outeducate, and outbuild the rest of the world. We can do that.
He also challenged us to put 1 million electric vehicles on the road by 2015. The bill I have introduced today will help us achieve that goal. By investing in electric vehicle innovation, we can create the jobs of the future in America. We are already creating those jobs in Michigan with these investments.
We all know new technologies are always the most expensive, which is why we passed a tax credit of up to $7,500 on the purchase of a new electric vehicle. My bill makes that work even better for consumers. It turns that credit into a rebate that can be used at the time of purchase so that when you by a car, you would get up to the $7,500 off at the beginning, at the dealership, rather than waiting until you fill out your tax forms the next year.
Right now there is a cap on how many people can take advantage of these credits. My bill would double that so more people can get the savings from these particular credits and buy these new, great vehicles. Right now, when we see gas prices anticipated to rise like crazy into the summer, wouldn't it be great if you had an automobile that went 200 or 300 miles on a gallon of gas, or maybe didn't need any gas at all? That is what this is about.
The bill also increases investments in battery technology and innovation. We know that by supporting American innovation and manufacturing, we can bring jobs back. In fact, we are bringing jobs back from other countries because of what we have been doing through our investment efforts in the Recovery Act, and we can continue to create jobs in manufacturing in America.
We have invested $2 billion in the Recovery Act toward advanced batteries--the kind of batteries that power these electric vehicles. Before we made that investment, the United States made 2 percent of the world's advanced batteries. In just 4 years, because of that investment, we will be making 40 percent of the world's advanced batteries. That is a big deal, an effective investment.
My bill calls for doubling this smart investment and building on these partnerships to create even more jobs. We want to make our country the undisputed leader in advanced battery technology, manufacturing, and development, and we are on the way to doing that. We need to keep focused and we will get there.
The Charging America Forward Act also extends a tax credit for businesses that purchase hybrid medium and heavy-duty trucks. This will help keep those technologies more affordable for our companies and job creators, in addition to the savings they will get from better fuel efficiency.
The bill extends an important tax credit to support charging stations, so we have the infrastructure needed in our homes or in our garages to be able to power the electric vehicles.
Innovation is the reason America has the strongest economy in the world, even with our challenges. We have always been the leader. To compete in the 21st century economy, we need a strong, vibrant investment strategy, an economy that looks to the future, not the past. That is what Charging America Forward is all about. With the right investments, we can create jobs today that will last for years and years to come.
We are in a race for the future. We need to outcompete our global competitors around the world. We can do that. We will do that if we out innovate, outeducate, and outbuild. That is what this legislation is about--investing in the future to win that race, investing in advanced vehicles so we can get to that future we all want.