Electric vehicles could see increased demand going forward in the United States thanks to higher gas prices and newer lower-cost models coming soon. EVs could also get back in the spotlight if Democrats win next week's midterm elections to win back control of Congress and pass legislation to bring back federal tax credits. While EV federal tax credits would benefit electric vehicle companies like Tesla Inc. (NASDAQ:TSLA), CEO Elon Musk is helping the Republican Party this election. EV Tax Credit Comeback Don't call it a comeback, but new legislation from Reps. Mike Levin (D-Calif.) and Sean Casten (D-Ill.) seeks to bring back federal EV tax credits of $7,500 for new vehicles, a credit that expired last year.
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