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Tax credit (Green ACT)

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I would think you would have to purchase after the bill actually passes and is funded. It wouldn't be "grandfathered" in for those who already bought one. I would also guess that it would be limited to first time EV buyers (within a certain tax bracket) to prevent those existing owners from swapping cars just for the tax break.
 
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These types of incentives aren't usually based on model years, but calendar years. Currently, there is no language to include EVs prior to the date in which it would become law. I'm hoping that it will be inclusive of all EVs sold in 2021. There is precedent for EV tax credits being retroactive to the first of the year. Not banking on that though.
 
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These types of incentives aren't usually based on model years, but calendar years. Currently, there is no language to include EVs prior to the date in which it would become law. I'm hoping that it will be inclusive of all EVs sold in 2021. There is precedent for EV tax credits being retroactive to the first of the year. Not banking on that though.

I’m hoping for this as well. Ordered 1/16 took delivery 2/10. Not holding my breathe but first of the year would be logical.

The problem with the way the bill is structured now is it incentives people to wait to purchase EV’s which could hurt overall EV adoption which is counter to the whole purpose of the bill.
 
Thanks for the link Brandon.

Aside from the non-retroactive wording, ("after the date of the enactment") it seems pretty clear that this bill won't help the majority of enthusiasts here.

As the $7k credit applies in full only for individual / joint AGI levels of $30k / $60k, then reduces by $250 per $1000 above that, the credit will be zero for AGI levels of $58k / $88k. I suspect that renders it basically useless for the majority of Tesla customers here who seem to have plenty of income from jobs or investments.

Another interesting point is the credit applies to a batch of 600,000 cars manufactured, then halves and then disappears beyond that. Apparently these sales would be counted regardless of whether or how many of those customers actually qualified for the tax credit. I think this means that very very little of the allotted credit would ever be paid out - only to those Tesla customers who have low AGI but somehow still managed to buy a Tesla.

I these conditions remain, then I think Tesla should lobby to defer the start of the program until the future Model 2(?), the more affordable car is launched. Otherwise the count will be exceeded (within 2021 most likely) with no benefit to many real purchasers, and no real benefit to Tesla either.
 
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Thanks for the link Brandon.

Aside from the non-retroactive wording, ("after the date of the enactment") it seems pretty clear that this bill won't help the majority of enthusiasts here.

As the $7k credit applies in full only for individual / joint AGI levels of $30k / $60k, then reduces by $250 per $1000 above that, the credit will be zero for AGI levels of $58k / $88k. I suspect that renders it basically useless for the majority of Tesla customers here who seem to have plenty of income from jobs or investments.

Another interesting point is the credit applies to a batch of 600,000 cars manufactured, then halves and then disappears beyond that. Apparently these sales would be counted regardless of whether or how many of those customers actually qualified for the tax credit. I think this means that very very little of the allotted credit would ever be paid out - only to those Tesla customers who have low AGI but somehow still managed to buy a Tesla.

I these conditions remain, then I think Tesla should lobby to defer the start of the program until the future Model 2(?), the more affordable car is launched. Otherwise the count will be exceeded (within 2021 most likely) with no benefit to many real purchasers, and no real benefit to Tesla either.

The AGI levels don't apply to the $7k credit part of the bill.
 
OK that's obviously important and I didn't pick that up from Brandon's information or excerpts. What benefits of the bill, then, are subject to the AGI restrictions?
I just scanned the article and bill linked above and it appears the income limitation is only on used vehicles. I went fast but it also looked like you can take a credit only once every 3 years. I think that’s also only on used, but I’m not positive.

The new car credit section reads more like a modification of the existing.
 
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Here's a link to the text of the proposed bill https://mikethompson.house.gov/sites/mikethompson.house.gov/files/GREEN Act 2021 Bill Text.pdf

Here is a snippet of a relevant part:

"‘‘(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 15 of 2021"

things could always change...but right now it is set up to only give credit for new tesla vehicles sold after enactment.
And that's the way it SHOULD be.
 
Does anyone know how to find out when congress will vote on this legislation?
If it's not too far off, it would be best to wait to see if the Clean Act passes.


while I realize that dems have legislative and executive control, this is not encouraging in terms of if it’s worth waiting or not now...

Pulling data from Congress.gov


• Average: 263.57 days
• Median: 215 days
• Minimum: 1 day (1 - H.J.Res.131
: "Making further continuing appropriations for fiscal year 2015, and for other purposes," a government shutdown stopgap
)
• Maximum: 712
 
I did a keyword search and couldn't find anything about a maximum sale price. Reason I'm looking is because here in PA the <minimal> credit is only for vehicles with a sticker prices < $50K. My target is a LR AWD- red. So in order the get the PA credit I couldn't get the "red" part :). Hopefully the Feds don't follow suit with PA!