Did the $7k additional tax rebate pass?

[Mrbrock]

From my reading of the actual bill so far, cars bought during the transition period (defined as the beginning on the date Tesla was no longer able to get the credit until the enactment of this bill) will count towards the 400,000 additional cars and will receive a tax credit of 7000. I am not a lawyer, but here is an excerpt of Section 401 of this bill Text of H.R. 848: GREEN Act of 2021 (Introduced version) - GovTrack.us

(1)
In general

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—

(A)
if such vehicle is sold during the transition period, the amount determined under subsection (b)(2) shall be reduced by $500, and

(B)
if such vehicle is sold during the phaseout period, only the applicable percentage of the credit otherwise allowable under subsection (a) shall be allowed.

(2)
Transition period

For purposes of this subsection, the transition period is the period subsequent to the first date on which the number of new qualified plug-in electric drive motor vehicles manufactured by the manufacturer of the vehicle referred to in paragraph (1) sold for use in the United States after December 31, 2009, is at least 200,000.

This means if a manufacturer is under 200k they still get $7500. Once they go above 200k they get $7000. As @OCJeff pointed out, sales from when Tesla and Chevy passed 200k until the GREEN Act is enacted are excluded.

I doubt the GREEN and CARS act have any chance of succeeding now that rebates and tax credits are being rolled into the infrastructure plan. Unless that can’t be pushed through, I doubt lawmakers are focusing on these smaller bills at this time.

 

[RedlineSi]

US electric car incentive is rumored to increase to $10,000 in program reform

The US federal government is currently looking to include a ramp-up of investments in electrification as part of a massive...

electrek.co

Just rumors, but might have some credibility.

 

[suprax]

US electric car incentive is rumored to increase to $10,000 in program reform

The US federal government is currently looking to include a ramp-up of investments in electrification as part of a massive...

electrek.co

Just rumors, but might have some credibility.

There's a lot of chatter about the $10,000 among the Tesla investor 'insiders'. Insight and rumors coming from their DC sources that it may be $10,000 and uncapped but subject to income caps (rumored to be $400,000).

https://twitter.com/x/status/1379467430301421571

 

[proximanova]

Wonder how long we're looking at this getting pushed through? Thinking about putting my Y order on hold to see what happens.

 

[CapeOne]

This may be true, but it looks like Tesla sold 500,000 cars in 2020 alone, and is way past 600K total.

500k was global Tesla sales. I believe the federal tax credit would still apply only to U.S. sales numbers and both Tesla and GM would qualifty for the full additional 400k regardless of sales accumulated to date.

 

[1plavs]

Biggest question for those who haven’t taken delivery yet and for those who have taken delivery is if it will be retroactive.

 

[RedlineSi]

Wonder how long we're looking at this getting pushed through? Thinking about putting my Y order on hold to see what happens.

I believe the goal was to have it passed before the Aug recess. I think the key though, for those of us wanting to order, is to at least see the final details that are going into the plan. If they're retroactive or not, etc.

 

[rjpjnk]

Retroactive is the key here.

With such a large rebate (10K possibly) hanging in the balance I think a lot of Tesla sales are going to be delayed until there is clarity on this. So quite the opposite of an incentive for now.

 

[1plavs]

Retroactive is the key here.

With such a large rebate (10K possibly) hanging in the balance I think a lot of Tesla sales are going to be delayed until there is clarity on this. So quite the opposite of an incentive for now.

Along with the thought of Tesla possibly raising its prices.

 

[TravelFree]

Just my opinion but it is not smart to buy a car on the promise of a tax incentive or a rebate. Politician's promises can't be taken to the bank.
In the reasons why you buy an EV the tax credit or rebate has never been listed until now. The main reason people buy an EV car has always been:
1. It is just smarter choice than an ICE car for energy cost to drive. And, much lower cost of maintenance.
2. Tesla's are a car that gets better as you own it.
3. The warranty on the drive train is much longer than the drive train on a traditional ICE car.
4. You can "refuel" it at home and the cost per mile is much lower to drive than gasoline.
5. The performance is better than an equivalent ICE car.
6. You can charge up your EV with solar power at home.
7. The emissions are zero and will help reduce air pollution.
8. Some people believe they are the savior of the planet from destruction by driving with electric.

There may be more reasons but the above are my favorite I have heard from others. Not until most recently have I heard a reason to buy an EV is because the government wants me to; and will reduce my taxes or give me my money back if I wait until they decide to do that.

If $7000- $10000 is that important to you there are other ways to get that money much faster than waiting on our Congress to make up their minds about these incentives. One is to trade stocks, especially stocks that have large positive and negative swings daily and weekly. Actually given a little time you could get your Tesla for free just by simple buying and selling Tesla stock as it is so volatile. The government gave us $1800 in 2020 of free money. If you traded Tesla stock with that money you could have paid cash for a Model S. If the Government incentive surfaces with a retroactive date, consider that a bonus to pay for accessories for your EV, like PPF and Ceramic coating. But if your main reason to consider a Tesla is like those above, then just go ahead and order it and take delivery when it is ready.

 

[1plavs]

Just my opinion but it is not smart to buy a car on the promise of a tax incentive or a rebate. Politician's promises can't be taken to the bank.
In the reasons why you buy an EV the tax credit or rebate has never been listed until now. The main reason people buy an EV car has always been:
1. It is just smarter choice than an ICE car for energy cost to drive. And, much lower cost of maintenance.
2. Tesla's are a car that gets better as you own it.
3. The warranty on the drive train is much longer than the drive train on a traditional ICE car.
4. You can "refuel" it at home and the cost per mile is much lower to drive than gasoline.
5. The performance is better than an equivalent ICE car.
6. You can charge up your EV with solar power at home.
7. The emissions are zero and will help reduce air pollution.
8. Some people believe they are the savior of the planet from destruction by driving with electric.

There may be more reasons but the above are my favorite I have heard from others. Not until most recently have I heard a reason to buy an EV is because the government wants me to; and will reduce my taxes or give me my money back if I wait until they decide to do that.

If $7000- $10000 is that important to you there are other ways to get that money much faster than waiting on our Congress to make up their minds about these incentives. One is to trade stocks, especially stocks that have large positive and negative swings daily and weekly. Actually given a little time you could get your Tesla for free just by simple buying and selling Tesla stock as it is so volatile. The government gave us $1800 in 2020 of free money. If you traded Tesla stock with that money you could have paid cash for a Model S. If the Government incentive surfaces with a retroactive date, consider that a bonus to pay for accessories for your EV, like PPF and Ceramic coating. But if your main reason to consider a Tesla is like those above, then just go ahead and order it and take delivery when it is ready.

What about those that do not know where to start with stocks, how much to invest and when to sell? Tesla shock goes up and down so a low investment would be lost sooner vs later unless you time it right. And let’s not forget paying taxes on what you earned on the stock afterwards.

 

[RedlineSi]

Just my opinion but it is not smart to buy a car on the promise of a tax incentive or a rebate. Politician's promises can't be taken to the bank.
In the reasons why you buy an EV the tax credit or rebate has never been listed until now. The main reason people buy an EV car has always been:
1. It is just smarter choice than an ICE car for energy cost to drive. And, much lower cost of maintenance.
2. Tesla's are a car that gets better as you own it.
3. The warranty on the drive train is much longer than the drive train on a traditional ICE car.
4. You can "refuel" it at home and the cost per mile is much lower to drive than gasoline.
5. The performance is better than an equivalent ICE car.
6. You can charge up your EV with solar power at home.
7. The emissions are zero and will help reduce air pollution.
8. Some people believe they are the savior of the planet from destruction by driving with electric.

There may be more reasons but the above are my favorite I have heard from others. Not until most recently have I heard a reason to buy an EV is because the government wants me to; and will reduce my taxes or give me my money back if I wait until they decide to do that.

If $7000- $10000 is that important to you there are other ways to get that money much faster than waiting on our Congress to make up their minds about these incentives. One is to trade stocks, especially stocks that have large positive and negative swings daily and weekly. Actually given a little time you could get your Tesla for free just by simple buying and selling Tesla stock as it is so volatile. The government gave us $1800 in 2020 of free money. If you traded Tesla stock with that money you could have paid cash for a Model S. If the Government incentive surfaces with a retroactive date, consider that a bonus to pay for accessories for your EV, like PPF and Ceramic coating. But if your main reason to consider a Tesla is like those above, then just go ahead and order it and take delivery when it is ready.

Telling the general public to make up the money by trading stocks is one of the more ridiculous things I've ever read. Sorry.

 

[rjpjnk]

Are the drivetrain warranties really better than ICE cars? I thought it was the opposite, but hope this is true.

 

[TravelFree]

What about those that do not know where to start with stocks, how much to invest and when to sell? Tesla shock goes up and down so a low investment would be lost sooner vs later unless you time it right. And let’s not forget paying taxes on what you earned on the stock afterwards.

Telling the general public to make up the money by trading stocks is one of the more ridiculous things I've ever read. Sorry.

I wouldn't suggest it as one way if that government money is so important to you to making a purchase if I hadn't done it myself, twice!

If you know how to open a checking account at a bank you should be capable of opening a brokerage account. It's no different.

Trading stocks is as simple as picking the stock and clicking your mouse button. If you use a computer to post on these forums you know how to use a mouse or know how to use an app on your phone to trade stocks.

If you know what is a bigger number a 7 or a 2, You can decide when to buy and when to sell. Nearly all brokerage banks offer free no commissions on trades if you do the trade yourself. So just watch the stock for a few cycles and then buy low and sell high, wait and when it goes back down again buy it back the sell when it is up. It's called delta trading. My 9 year old grandson can do it and understand it. He now owns 12 shares of Tesla in his account. Start them young!

Telling the general public to wait for a handout from a politician is far more ridiculous than teaching a starving man to fish.

When I posted my alternative above I was certain there would be some who would oppose the idea because they don't believe in themselves or afraid to do for themselves.

 

[TravelFree]

Are the drivetrain warranties really better than ICE cars? I thought it was the opposite, but hope this is true.

Powertrain:

Model Y is 8Yr 120,000miles. Model 3 is 8Yr 100,000miles

Ford and GM ICE cars is 5yr 60,000miles

 

[1plavs]

I wouldn't suggest it as one way if that government money is so important to you to making a purchase if I hadn't done it myself, twice!

If you know how to open a checking account at a bank you should be capable of opening a brokerage account. It's no different.

Trading stocks is as simple as picking the stock and clicking your mouse button. If you use a computer to post on these forums you know how to use a mouse or know how to use an app on your phone to trade stocks.

If you know what is a bigger number a 7 or a 2, You can decide when to buy and when to sell. Nearly all brokerage banks offer free no commissions on trades if you do the trade yourself. So just watch the stock for a few cycles and then buy low and sell high, wait and when it goes back down again buy it back the sell when it is up. It's called delta trading. My 9 year old grandson can do it and understand it. He now owns 12 shares of Tesla in his account. Start them young!

Telling the general public to wait for a handout from a politician is far more ridiculous than teaching a starving man to fish.

When I posted my alternative above I was certain there would be some who would oppose the idea because they don't believe in themselves or afraid to do for themselves.

“Use an app” which one do you suggest and why? Commissions....exactly, oh and you missed the part about paying taxes on earnings.

 

[DeepSpaceMine]

I wouldn't suggest it as one way if that government money is so important to you to making a purchase if I hadn't done it myself, twice!

If you know how to open a checking account at a bank you should be capable of opening a brokerage account. It's no different.

Trading stocks is as simple as picking the stock and clicking your mouse button. If you use a computer to post on these forums you know how to use a mouse or know how to use an app on your phone to trade stocks.

If you know what is a bigger number a 7 or a 2, You can decide when to buy and when to sell. Nearly all brokerage banks offer free no commissions on trades if you do the trade yourself. So just watch the stock for a few cycles and then buy low and sell high, wait and when it goes back down again buy it back the sell when it is up. It's called delta trading. My 9 year old grandson can do it and understand it. He now owns 12 shares of Tesla in his account. Start them young!

Telling the general public to wait for a handout from a politician is far more ridiculous than teaching a starving man to fish.

When I posted my alternative above I was certain there would be some who would oppose the idea because they don't believe in themselves or afraid to do for themselves.

While I do traded stocks and crypto myself, those short term capital gains taxes are no joke.

 

[whisperingshad]

I had applied for grant and missed out on the 1k price drop only to be put on the waitlist for it. So i just decided to bite the bullet, if we get a retro rebate even better, just going to do the other rebates.

 

[TravelFree]

those short term capital gains taxes are no joke.

There are two ways I know to get around that. One you have to be old enough. The other you have to work a well diversified portfolio around the long term gains date. Ok that's enough as I'm afraid we're venturing too far off topic. Talk to a good tax attorney.

 

[RedlineSi]

I wouldn't suggest it as one way if that government money is so important to you to making a purchase if I hadn't done it myself, twice!

If you know how to open a checking account at a bank you should be capable of opening a brokerage account. It's no different.

Trading stocks is as simple as picking the stock and clicking your mouse button. If you use a computer to post on these forums you know how to use a mouse or know how to use an app on your phone to trade stocks.

If you know what is a bigger number a 7 or a 2, You can decide when to buy and when to sell. Nearly all brokerage banks offer free no commissions on trades if you do the trade yourself. So just watch the stock for a few cycles and then buy low and sell high, wait and when it goes back down again buy it back the sell when it is up. It's called delta trading. My 9 year old grandson can do it and understand it. He now owns 12 shares of Tesla in his account. Start them young!

Telling the general public to wait for a handout from a politician is far more ridiculous than teaching a starving man to fish.

When I posted my alternative above I was certain there would be some who would oppose the idea because they don't believe in themselves or afraid to do for themselves.

I use to day trade. I manage my own retirement, and I can still tell you this is insane. Do you know how many people in the US actually own stocks? If you remove owning any sort of investments due to a 401k, the number is astonishingly low.

Now you're calling EV tax credits handouts? Insanity. Expecting the general population to beat the markets, even more insane.

You want to put some serious caps on the income for these EV credits, sure, I'm all about it. But if you don't think having an EV Tax Credit would help us move in the right direction, you're missing the point.

You're really showing your privilege vs what is a reality in this country for most people. I understand the typical person on this site is in the very minority, but at least have some understanding of what's going on outside of your life.