Bobthepome
Member
I think that is the date of the current draft. I would expect that it will change as the bill goes through congress, probably to the date the bill gets voted on/approved.
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I just wanted to clarify how I read the bill.
The tax credit is currently a thing. But Tesla is subject to the 200k vehicle limit. The May 24 date is what we care about, because that removes the 200k vehicle cap. Of course that date could change but as is if you were to but after that date you’d get the tax credit.
The December 31,2021 is when the tax credit becomes refundable. That means you can get the full value of the tax credit even if you pay less than 7500 in tax a year. I doubt many people buying Teslas are sensitive to that part of it.
Personally I’m excited to get mine in June. I worry too much about chip shortage and them increasing price to offset tax benefits. Meanwhile there’s also a chance it’s retroactive. Seems sort of a coin toss so I’ll take the car ASAP
The tax credit is currently a thing. But Tesla is subject to the 200k vehicle limit. The May 24 date is what we care about, because that removes the 200k vehicle cap. Of course that date could change but as is if you were to but after that date you’d get the tax credit.
The December 31,2021 is when the tax credit becomes refundable. That means you can get the full value of the tax credit even if you pay less than 7500 in tax a year. I doubt many people buying Teslas are sensitive to that part of it.
Personally I’m excited to get mine in June. I worry too much about chip shortage and them increasing price to offset tax benefits. Meanwhile there’s also a chance it’s retroactive. Seems sort of a coin toss so I’ll take the car ASAP
Driving excitement? You mean the lack of features and driving assists that won’t be in the car with the radar delete? All you will be missing are the standard autopilot options for awhile and be thankful for that.
Can’t edit my reply....get with it forum admins!!!
Anyway, the agreement stated you have 3 months to accept/delay. Not sure why a friend of mine and myself were told by two different REPS at the Tampa location that we could delay it 6 months???
The new bill passed out of the senate committee is RETROACTIVE to 5/24, should it be passed by the Senate and House.
Page 30 of the bill (33 of the PDF)
- $7.5k retroactive to any cars purchased after 5/24
- $2.5k additional credit to cars purchased after 12/31/2021
Page 30 of the bill (33 of the PDF)
I was told the similar by my rep. And it makes sense to me. Tesla contract says within 3 months, but why wouldn't they be willing to let you slide longer as long as demand is there and others are stepping in to take cars? If you stay on the list vs. just cancelling and possibly getting another brand it doesn't cost them anything. (and that separate from the question of how long to allow you to keep your car price locked in as long as you don't change it)
Correct me if I'm wrong, but isn't that retroactive verbiage for a commercial EV? I don't think this would apply to a Tesla for personal use.
From the Bill:
Effective Date
The extension of the EV credit for two- and three-wheeled electric vehicles is effective for vehicles acquired after December 31, 2020.
The elimination of the per-manufacturer-cap is effective for vehicles sold after May 24, 2021. The portions of the proposal making the EV credit a refundable personal income tax credit along with the VIN requirement are effective for vehicles acquired after December 31, 2021.
The EV credit phase-out rule is effective on the date of enactment.
The commercial EV credit is effective for vehicles acquired after December 31, 2021.
CowherPower
Member
This is what I'm banking on and hoping comes true! I just got notice that my Tesla Model Y is on a truck heading from California to Virginia and now I need to make a decision on if I should pull the trigger on the purchase. If there's even a 25% chance that this bill passes this year and gives a $7.5k tax rebate to people who purchased after May 24th, I'm all in.
I read it as effective for vehicles sold after the date on enactment. Which makes sense. Why use $ to try to incentivize something that has already occurred. The May 24, 2021 date Is confusing to me too.
Different link from above.
(B) EFFECTIVE DATE.—The amendment
made by this paragraph shall apply to vehicles sold after the date of the enactment of this Act.
Page 82 of 139.
https://www.finance.senate.gov/imo/media/doc/Clean Energy for America Act.pdf
Different link from above.
(B) EFFECTIVE DATE.—The amendment
made by this paragraph shall apply to vehicles sold after the date of the enactment of this Act.
Page 82 of 139.
https://www.finance.senate.gov/imo/media/doc/Clean Energy for America Act.pdf
Phyzi Driver
Member
To postpone my M3 until Jan. 1 or not to take advantage of the full 10k credit, that is the question...
sb415
Member
Agreed, not sure why anyone would think credit would be retroactive outside of them just wanting it after accepting delivery. Why would you give an incentive for a transaction that already happened without it?
I’m in SF and the rumblings here are Nancy wants a Infrastructure vote before July 4. Who knows if that’s right but I could see the president wanting to talk about his signature bill on 7/4.
CowherPower
Member
I think this is the part of the Clean Energy for America Act that is giving people (myself included) hope that the $7,500 tax rebate will be restored for Tesla for cars sold after 5/24/2021...
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