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Anyone know when/if there will be the $7k tax credit for ordering a new Tesla ?
- Thread starter DougC20
- Start date
Tam
Well-Known Member
It was introduced last June in 2020 but was rejected.
It's now re-introduced in 2021 as HR 848 and is not rejected so far.
I think it needs to survive the US House Ways and Means Subcommittee on Select Revenue first then go to the House, then the Senate, then the President then you'll see your $7,000 after that.
If it survives the process long enough, I think it's good until the end of 2022 then if it's not approved, it'll have to be re-introduced in 2023.
Lately, the government has worked quite fast: 100 million Covid-19 vaccine injections were projected for 100 days from Biden's inauguration but the goal was achieved in just 58 days so you don't have to wait until 2023 for the reintroduction of the Green bill.
I think there're still a lot of unknowns. You can read the actual language of the proposed bill here GREEN Act of 2021 (H.R. 848) , but my understanding is this is just a proposed version, which hasn't been negotiated or voted on yet. And it likely won't look exactly like this after it's chewed up and spat out the DC machine months later. The section on electric vehicles is Title IV, section 401.
To answer your questions, I haven't see anything in there saying that it would be retroactively applied to purchases before the bill passed. But who knows... here's the section about applicability of dates "In the case of any new qualified plug-in electric drive motor vehicle sold after the date of the enactment of the GREEN Act of 2021—"
No income limit or car $ value cap from what I've seen (assuming you at least have a tax liability of $7k to take advantage of the credit).
I saw some rumormill type of article recently https://www.washingtonpost.com/us-policy/2021/03/22/infrastructure-biden-drug-reform/ stating that Biden will be pushing an infrastructure bill with some climate initiatives in it, so maybe this bill and his infrastructure bill will be combined... but really your guess is as good as anyone's unless they are directly speaking to the lawmakers.
To answer your questions, I haven't see anything in there saying that it would be retroactively applied to purchases before the bill passed. But who knows... here's the section about applicability of dates "In the case of any new qualified plug-in electric drive motor vehicle sold after the date of the enactment of the GREEN Act of 2021—"
No income limit or car $ value cap from what I've seen (assuming you at least have a tax liability of $7k to take advantage of the credit).
I saw some rumormill type of article recently https://www.washingtonpost.com/us-policy/2021/03/22/infrastructure-biden-drug-reform/ stating that Biden will be pushing an infrastructure bill with some climate initiatives in it, so maybe this bill and his infrastructure bill will be combined... but really your guess is as good as anyone's unless they are directly speaking to the lawmakers.
mtx450
Member
Great discussion here. I'm curious as well, but not banking on it since it seems so far away (if at all). We can all agree that loosing out on a $7k credit would suck, but you gotta break some eggs to make an omelette ya know? We're always going to be loosing out on something and at some point, you just gotta buy the damn thing.
Agreed. I'd love to find a way to get a $7k discount on one. Plus my state has a $2.5K discount on sub-$50K EVs that's expiring this year, so if I could line it up perfectly it would drop the price of a 49K EV to 39K... but it's impossible to know when to pull the trigger.
The other aspect of this proposed bill (and similar past bills) is that there's usually a limit of only a few hundred thousand cars delivered that can receive this credit after the bill passes before the credit phases out or ends ( per manufacturer or is it per model? I don't remember exactly). With Tesla ramping up delivery of vehicles into the 100s of thousands, there's a slim chance if you wait till the bill passes to order, then depending on the demand and delivery delays for the configuration you chose you might have missed out on the window when the credit was active by the time you take delivery. I'd think that'd be unlikely, but that risk is still there.
All this has convinced me that there's no use in waiting, too many unknowns. Or if you do wait be okay with not receiving the credit in the end.
For future visitors to this thread, I found this other model S forum thread had some good details:
Federal Tax Credit may be coming back for Tesla purchases
Guess this is an interesting economic experiment of need for a car vs delayed gratification, and getting your tesla/marshmallows later
Stanford marshmallow experiment - Wikipedia
Federal Tax Credit may be coming back for Tesla purchases
Guess this is an interesting economic experiment of need for a car vs delayed gratification, and getting your tesla/marshmallows later
Stanford marshmallow experiment - Wikipedia
OCJeff
Active Member
One way I look at it (while waiting for the tax credit to be approved before placing my order) is the money you can save on payments between now and delivery date. Of course this is assuming you aren't already sinking payments into another vehicle while you wait on the Tesla. That's the benefit to me while I sit back and wait...
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