I agree with this principal. The idea of a tax credit should be to make EVs more attractive relative to ICEs. In order to promote adoption of one platform over the other. Ideally this would have nothing to do with personal wealth. That said, I am not too proud to admit that for me the Model Y was a real stretch financially. A tax credit would have been hugely persuasive and I may have bought it sooner. My point is, not all Tesla owners are as rich as some posts here suggest. If a credit does become available in the future maybe my wife will upgrade from her Elantra. For now we'll share the MY.
-
Want to remove ads? Register an account and login to see fewer ads, and become a Supporting Member to remove almost all ads.
Tesla EV Tax Credits coming back?
- Thread starter hnguy054
- Start date
Section 179 deductions (i.e. F250) are not subsidies, just a form of accelerated depreciation of business equipment. Resale of 179 property that has been depreciated to zero will result in the entire sale price being taxable income on a balance sheet. It's nonsense to call deducting any business cost from taxable income/profit as subsidy.
It's irrelevant to any discussion of tax incentives for EVs.
It's irrelevant to any discussion of tax incentives for EVs.
EV tax credit is for every and each auto manufacturer, there's nothing "a California company against the big 3"
Electric Vehicle Tax Credits: What You Need to Know
Further,
1. Soon the "California company" will no longer produce most of its cars in California, or maybe already as of today. And in two to three years, Giga Texas would output more than CA, even its HQ could be relocated. This anti-CA/Tesla attitude reflects badly whoever has it.
2. The proposed EV incentive will be rebate, not tax credit, i.e. not limited to your Federal tax liability.
Rebate or whatever it’s tax revenue being diverted to ultra wealthy. It’s a douche move. And currently there is 1 company building a mainstream ev and they are from California and known for extremely liberal views. None of that helps. Maybe in a few years after Ford and others gain momentum with more mass produced ev the hatred toward Tesla will subside but for now giving another 7500 ev credit to wealthy buyers will set the whole movement back years. Fund charger stations / infrastructure for actually using ev’s don’t make Elon richer he doesn’t need it.
dhrivnak
Active Member
I think it is somewhat of a fossil fuel subsidy. Why would a Florist get to take an accelerated if they buy a large Suburban but not a Model 3 or a Prius? It is basically a handout for large gas guzzlers.
Agreed that’s a shady bill. I think it was intended for large farm equipment but yes now a florist can buy a new $100k suburban each year and depreciate all in the same year.
that is also for business owners not just the general public / anyone …
that is also for business owners not just the general public / anyone …
PackMan730
Member
Yeah, Biden’s goal was before the summer recess, which starts end of day Friday. If nothing by this week then don’t expect anything until September at earliest.
Spidey616
Member
Keep in mind this legislation they are looking to pass now has the ev network build out in it. But it does not have tax incentives/rebates. That is outside the bipartisan infrastructure bill.
Correct, but the Democrat only reconciliation bill is right behind the bipartisan one.
The majority leader can have the Senators say through recess.
Spidey616
Member
Have we gotten confirmation that EV incentives are in the legislation being proposed under reconciliation? I hope it is. One thing to consider though is they may be bluffing about reconciliation. They do that and there’s little chance of more bipartisan legislation until mid terms. And I’m not sure all the Dems would go for it either.
I don’t see them bluffing. It’s their one shot for transformative legislation. No confirmation of it but hopefully we will see a draft by end of the week. There is speculation of it being there since there are going to be climate change measures. We shall see.
C'mon. most Tesla buyers are NOT "ultra wealthy" switching to rebate makes the cars much more affordable for the masses that don't earn enough to take the credit in its present form. The proposed $80,000 cap on MSRP removes the buyers of Model S, Model X, and other high priced EVs from the rebate benefit. Why should Tesla buyers stay excluded? Give the rebate to all for the good purpose of conversion to EVs or dump it for the companies who have been dragging their feet.
so reading between the lines, businesses can use sec 179, depreciate all up front, and when it comes time to sell some time/period later, *wink *wink, sell at salvage value or some minimal value 'on paper' (taxable income portion on b/s), when in reality transaction is in cash and a higher amount?!?
TSLY
Member
EV credit on MY = Not Douchey
EV credit on Porsche Taycan = Douchey
Cheating works until you get caught... Book values on vehicles are readily available to the IRS. Fraud has more serious consequences than mistakes.
The house is already in recess - Schumer wants it to pass the Senate this week but it will sit idle until at least September 20th.
Removing the vehicle cap on the EV credit isn't about Tesla. GM has been lobbying hard because they're the other automaker whose vehicles aren't eligible any more.
As for the douche factor, there are a number of other vehicles in the same MSRP ballpark as the M3 / MY including
As for the douche factor, there are a number of other vehicles in the same MSRP ballpark as the M3 / MY including
- Mach E
- Nissan Ariya
- Hummer EV
Spidey616
Member
And lets be honest we're getting to a day and age where a $50k car isn't too far from the average price.
Similar threads
- Sticky
