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Tax credit (Green ACT)
- Thread starter sam2020
- Start date
bluenycom
Member
It doesn't matter when you ordered it. What matter is the date when the vehicle is legally yours.
Remember, it's not a done deal, it has to pass the Senate with whatever else is attached to it. I would love for it to happen, but I'm not optimistic.
The best of all worlds later this fall, I would get a Model Y with a structural battery pack from Austin and the federal tax credit passes, and the NJ rebate of $5,000 is back, and no sales tax.
The best of all worlds later this fall, I would get a Model Y with a structural battery pack from Austin and the federal tax credit passes, and the NJ rebate of $5,000 is back, and no sales tax.
TravelFree
Active Member
No income phaseouts. Only mfg production quantity phaseout.
The day the Bill is signed into law, Tesla can make 400,000 more EV's before the first phaseout period begins. The tax credit is $7000 regardless of how much you make or how much the car costs.
But keep in mind this is just a first draft of the Bill HR848, it may have many changes by the time it is signed into law.
TravelFree
Active Member
Hope the following link works: scroll down to Title IV Greening the Fleet
Text - H.R.848 - 117th Congress (2021-2022): GREEN Act of 2021
Text - H.R.848 - 117th Congress (2021-2022): GREEN Act of 2021
Tedkidd
Member
Remember, it's not a done deal, it has to pass the Senate with whatever else is attached to it. I would love for it to happen, but I'm not optimistic.
The best of all worlds later this fall, I would get a Model Y with a structural battery pack from Austin and the federal tax credit passes, and the NJ rebate of $5,000 is back, and no sales tax.
For me, the best of all worlds the government would stop f**king about, leave the free market alone, and the stock would go back to $950...
OCJeff
Active Member
Last session of congress it never even made it out of the house (the Green Act died in 2019). So maybe never. That's our government hard at work. .
But I do think it will move faster under the Biden administration. His big push for green will make sure of that. What the final version of the bill will contain however no one knows until it's through the senate.
saltsman
Member
This bill has a LONG way to go before it might be ready for vote. It's not even made its way out of the House Ways and Means committee yet. Then there is a similar process in the Senate. Assuming both versions are successful, time is needed for reconciliation of both versions.
On a normal timeframe, with enough support and interest, this might be up for a vote by end of year. However, as @OCJeff and others have mentioned, the content of the bill appears to be favored by the Biden administration so it potentially could be fast-tracked into law as early as June or July.
As far a priority in the Senate, confirmation hearings will take at least another month. Coronavirus relief and other higher priority items are still ahead of this bill. If I were betting, I'd expect to see this rolled up into a larger bill with a lot of other add-ons once the focus for green energy finds the spotlight -- but that's likely going to take a while longer.
TravelFree
Active Member
It's possible it may get attached to infrastructure 3T budget and then get passed in the Senate with 51 vote. However, I do agree as a stand alone, it is unlikely to come up for a vote before later in the year.
I don't believe the Congress Democrats respect Biden now that they got him elected. They believe they are the ones in charge of President Biden and will do what they think will get them re-elected in 2022.
$7000 tax credit would be nice but that won't prevent me from buying the Model Y and paying more for it. I will hold out more for my stocks to make more money which is easier than waiting for the government to come to an agreement and pass the Greening the Fleet tax credit.
I don't believe the Congress Democrats respect Biden now that they got him elected. They believe they are the ones in charge of President Biden and will do what they think will get them re-elected in 2022.
$7000 tax credit would be nice but that won't prevent me from buying the Model Y and paying more for it. I will hold out more for my stocks to make more money which is easier than waiting for the government to come to an agreement and pass the Greening the Fleet tax credit.
That's our government hard at work. .
.
You do realize there are tons of bills that don’t ever get voted on, right? It’s not some mandatory thing. Especially if they don’t think they have the votes to pass it.
TravelFree
Active Member
Here's an even better plan:
https://www.merkley.senate.gov/imo/media/doc/21.02.23 Electric Cars 2021.pdf
https://www.merkley.senate.gov/imo/media/doc/21.02.23 Electric Cars 2021.pdf
dreamwave6
Member
Yup...this one would eliminate the per-automaker cap which was stupid to begin with. It also will make all EV purchases starting from 1/1/21 qualified for the rebate. As someone who just took delivery of my Model Y LR this past weekend, I am very happy about this!
My thought is: if you really want the credit, the safest path is to just wait until this bill (or a better bill) is signed into law, and then place an order. It seems very unlikely to me that Tesla will have 400k+ US orders pending deliveries at that time.
The only down-side is that Tesla may be thrown into Production Push mode (= quality problems) because 100k other people also deferred their purchase, and Tesla wants to fill all those extra orders within quarter. If you would buy anyways, with or without the tax credit, then maybe just wait until the bill is out of House Ways & Means AND the Senate is working on a companion bill. Even then, I'd request a delivery date 3 months out.
The only down-side is that Tesla may be thrown into Production Push mode (= quality problems) because 100k other people also deferred their purchase, and Tesla wants to fill all those extra orders within quarter. If you would buy anyways, with or without the tax credit, then maybe just wait until the bill is out of House Ways & Means AND the Senate is working on a companion bill. Even then, I'd request a delivery date 3 months out.
colea
Member
Also will likely require 60 votes in the Senate. Neither party has 60 votes, so it will have to attract bipartisan support. Call me skeptical.
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