Just read that the House version of Tax "reform" cancels the $7500 tax credit, but the Senate version does not. For those who purchased in 2017, are we safe no matter what? Or can they retroactively screw us out of our credit?
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Any tax experts out there?
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HankLloydRight
No Roads
(I am not a tax or law professional)
If you bought in 2017, you're safe and sound.
As far as the house and senate, if they both pass their respective bills, they would have to be merged in a process called "reconciliation". At that point, it's unknown if the EV credit will survive. Either way, if it gets that far, I think the only thing left is for Trump to sign it. It would become effective in 2018.
If you bought in 2017, you're safe and sound.
As far as the house and senate, if they both pass their respective bills, they would have to be merged in a process called "reconciliation". At that point, it's unknown if the EV credit will survive. Either way, if it gets that far, I think the only thing left is for Trump to sign it. It would become effective in 2018.
That's what I thought, too. But I hope you're right, that buying in 2017 guaranteed my receipt. Still have a niggling doubt, in that I vaguely remember some tax changes being made retroactively.
Tam
Well-Known Member
It depends on the language. Some bill would write a retroactive clause but the House Bill does not. It calls for an end of EV Tax Credit in FUTURE on 12/31/2017, not before that.
Once both senate and house bills are voted on and if that House bill's language will be still there, the President needs to sign it to become law.
If he signs it in 2019, you would call it as "retroactive" to end the credit on 12/31/2017 but not before that because of the language.
There were a few retroactive changes back to when it was written (early November?) but I'd bet any of that would get tossed on reconciliation. They really don't want to enact changes 'in the past' usually (or ever). I can't remember any, but I bet someone will. 
Tam
Well-Known Member
Here is one Republican Senator against the EV Tax Credit.
I got this from Nebraska Republican Senator Deb Fischer.
"Thank you for contacting me about electric vehicles. I appreciate receiving your comments.
As you know, electric vehicle owners can apply for certain tax credits under Section 30D of the Internal Revenue Code. This provision, originally enacted in the Energy Improvement and Extension Act of 2008, authorizes tax credits of up to $7,500 for people who own electric vehicles that use at least five kilowatt-hour batteries. These tax credits can be applied to the first 200,000 electric vehicles a company produces. Additionally, the Section 30C of the Internal Revenue Code authorizes a tax credit for people who purchased alternative fuel vehicle refueling property for a renewable fuel based vehicle.
I am encouraged by innovations in technology that are fundamentally changing the way Americans think about and utilize our transportation system. Electric and other alternative fuel vehicles can help diversify the energy resources and technologies we use for transportation. At the same time, I am concerned about providing subsidies for vehicles that use our roads and highways but contribute little or nothing to road construction and maintenance. The Highway Trust Fund (HTF) is the primary mechanism by which the federal government provides funding to states for transportation projects. As you may know, the HTF is mainly funded through taxes on gas and diesel fuel. Because of their nature, most electric vehicles pay in less to the HTF. I believe we must ensure that all highway users contribute to the construction and maintenance of our roads, highways, and bridges. Should the Senate consider electric vehicle tax credits, please be assured I will keep your comments in mind.
Again, thank you for contacting my office. I look forward to hearing from you in the future about the issues important to you. If you have additional questions or comments, please visit my website: www.fischer.senate.gov."
I made sure to inform her that the revenue from the federal gas tax for roads is only averages around $45 a year for an ICE. I also let her know that I am upset that she thought this $45/year was more important then the environment.
I got this from Nebraska Republican Senator Deb Fischer.
"Thank you for contacting me about electric vehicles. I appreciate receiving your comments.
As you know, electric vehicle owners can apply for certain tax credits under Section 30D of the Internal Revenue Code. This provision, originally enacted in the Energy Improvement and Extension Act of 2008, authorizes tax credits of up to $7,500 for people who own electric vehicles that use at least five kilowatt-hour batteries. These tax credits can be applied to the first 200,000 electric vehicles a company produces. Additionally, the Section 30C of the Internal Revenue Code authorizes a tax credit for people who purchased alternative fuel vehicle refueling property for a renewable fuel based vehicle.
I am encouraged by innovations in technology that are fundamentally changing the way Americans think about and utilize our transportation system. Electric and other alternative fuel vehicles can help diversify the energy resources and technologies we use for transportation. At the same time, I am concerned about providing subsidies for vehicles that use our roads and highways but contribute little or nothing to road construction and maintenance. The Highway Trust Fund (HTF) is the primary mechanism by which the federal government provides funding to states for transportation projects. As you may know, the HTF is mainly funded through taxes on gas and diesel fuel. Because of their nature, most electric vehicles pay in less to the HTF. I believe we must ensure that all highway users contribute to the construction and maintenance of our roads, highways, and bridges. Should the Senate consider electric vehicle tax credits, please be assured I will keep your comments in mind.
Again, thank you for contacting my office. I look forward to hearing from you in the future about the issues important to you. If you have additional questions or comments, please visit my website: www.fischer.senate.gov."
I made sure to inform her that the revenue from the federal gas tax for roads is only averages around $45 a year for an ICE. I also let her know that I am upset that she thought this $45/year was more important then the environment.
confirmed that the Senate text released today at https://www.finance.senate.gov/imo/media/doc/11.20.17 Tax Cuts and Jobs Act.pdf
does NOT repeal IRC 30D like the house bill does.
does NOT repeal IRC 30D like the house bill does.
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