The Republican Party unveiled a new tax code proposal. Though the new code does cut the taxation rate for corporations, it also eliminates the $7,500 tax credit for electric vehicles: a credit that automakers have been relying on to make the vehicles more palatable to every day consumers. The Obama Administration established the credit to help spur sales. The credit can be applied to the first 200,000 electric vehicles sold by each carmaker. Combined with credits and rebate programs available in various states, EVs have become nearly as competitive on a pricing basis with gasoline- and diesel-powered vehicles.