Tesla EV Tax Credits coming back?

[BrianBigNFun]

Let's remember EV sales is less than 1% of overall car sales in US in 2020.

This past past March it was released that EV's made up 3.1% of new vehicle registrations

U.S. Monthly New Retail Vehicle Registrations Reach 10-Year High In March

US new retail light vehicle registrations reached a 10-year high of 1.64 million in March 2021.

seekingalpha.com

 

[zpaul]

This past past March it was released that EV's made up 3.1% of new vehicle registrations

U.S. Monthly New Retail Vehicle Registrations Reach 10-Year High In March

US new retail light vehicle registrations reached a 10-year high of 1.64 million in March 2021.

seekingalpha.com

I've never seen so many Teslas where I live. Anywhere I drive for 10-15 min I see at least 7-10 teslas and a lot of white MYs.

 

[BrianBigNFun]

I've never seen so many Teslas where I live. Anywhere I drive for 10-15 min I see at least 7-10 teslas and a lot of white MYs.

agreed, when my dad got his M3 back in 2018 and my interest in them started, I would see a Tesla maybe once to twice a week tops, now I see 3-4 day

 

[zpaul]

agreed, when my dad got his M3 back in 2018 and my interest in them started, I would see a Tesla maybe once to twice a week tops, now I see 3-4 day

My HOA has five Teslas 1 M3 and 4 MYs, pretty much all MY's were purchased at the same time March-April.
And we had 0 Teslas for the past 9 years I live here.

 

[sgalla04]

agreed, when my dad got his M3 back in 2018 and my interest in them started, I would see a Tesla maybe once to twice a week tops, now I see 3-4 day

There are definitely more and more in the Philly area. I grew up in North Wales! Nice to see some fellow North Penn folks in the forums.

 

[BrianBigNFun]

There are definitely more and more in the Philly area. I grew up in North Wales! Nice to see some fellow North Penn folks in the forums.

I grew up in Richboro and graduated from Council Rock but both my sons graduated from North Penn! (Just like Daryl Hall)

 

[TwelveVoltMan]

I’m not holding my breath and it only passed out of committee on a 14-14 party line vote, but:
US Senate Panel advances EV tax credit of up to $12,500

 

[BrianBigNFun]

I’m not holding my breath and it only passed out of committee on a 14-14 party line vote, but:
US Senate Panel advances EV tax credit of up to $12,500

“ The EV proposal led by Senator Debbie Stabenow, a Michigan Democrat, would boost the $7,500 tax credit by $2,500 for vehicles assembled in the United States and another $2,500 for cars at facilities whose production workers are members of, or represented by, a labor union.
That would mean smaller credits to automakers such as Tesla, Volkswagen and others who do not have U.S. union workers, and companies building EVs outside the United States.”

So if you get a Tesla under $80k that was made in Fremont or Austin (soon) you get $10k credit, otherwise it’s $7500?

If passed as written of course

 

[sgalla04]

“ The EV proposal led by Senator Debbie Stabenow, a Michigan Democrat, would boost the $7,500 tax credit by $2,500 for vehicles assembled in the United States and another $2,500 for cars at facilities whose production workers are members of, or represented by, a labor union.
That would mean smaller credits to automakers such as Tesla, Volkswagen and others who do not have U.S. union workers, and companies building EVs outside the United States.”

So if you get a Tesla under $80k that was made in Fremont or Austin (soon) you get $10k credit, otherwise it’s $7500?

If passed as written of course

That's what it looks like. Also, definitely not for this year. It will go into effect next year if passed:

"...new qualified plug-in electric drive motor vehicle purchased by the taxpayer has a manufacturer’s suggested retail price (MSRP) of $80,000 or less. That is, the credit amount is reduced to $0 if the MSRP for the vehicle is more than $80,000. The changes to credit amounts are effective for vehicles acquired after December 31, 2021."

https://www.finance.senate.gov/imo/...y_for_America_Act_Chairmans_Modified_Mark.pdf

 

[BrianBigNFun]

That's what it looks like. Also, definitely not for this year. It will go into effect next year if passed:

"...new qualified plug-in electric drive motor vehicle purchased by the taxpayer has a manufacturer’s suggested retail price (MSRP) of $80,000 or less. That is, the credit amount is reduced to $0 if the MSRP for the vehicle is more than $80,000. The changes to credit amounts are effective for vehicles acquired after December 31, 2021."

https://www.finance.senate.gov/imo/...y_for_America_Act_Chairmans_Modified_Mark.pdf

so assuming it passes (as does the NJ law), if you buy a base Mustang Mach E in 2022 in NJ you'll get $17,500 off and no sales tax
($5K credit for EV's under $45K being passed soon in NJ)

 

[sgalla04]

so assuming it passes (as does the NJ law), if you buy a base Mustang Mach E in 2022 in NJ you'll get $17,500 off and no sales tax
($5K credit for EV's under $45K being passed soon in NJ)

I wish PA had a more robust tax incentive. I took advantage of the $1,000 rebate in 2018 with my PHEV. However, now it's only $750 for BEV & $500 for PHEV AND only for cars less than $50,000.

 

[BrianBigNFun]

I wish PA had a more robust tax incentive. I took advantage of the $1,000 rebate in 2018 with my PHEV. However, now it's only $750 for BEV & $500 for PHEV AND only for cars less than $50,000.

I got a $50 rebate from Peco for the wall charger!

 

[sgalla04]

I got a $50 rebate from Peco for the wall charger!

I also got a $50 rebate from PECO for just showing the purchase of the PHEV. I didn't even need to install anything.

 

[twc]

This excludes Tesla! He doesn't have workers unions, sorry guys none of this going to Tesla. Electric car US tax credit proposed to $12,500, less for Tesla vehicles - Electrek

 

[whisperingshad]

This excludes Tesla! He doesn't have workers unions, sorry guys none of this going to Tesla. Electric car US tax credit proposed to $12,500, less for Tesla vehicles - Electrek

Basically 10k for Teslas under 80k. Makes sense, thought the union thing is favortism though...(and I'm union lol)

 

[zpaul]

I also got a $50 rebate from PECO for just showing the purchase of the PHEV. I didn't even need to install anything.

I got $300 from BGE and 40% of install from Maryland for 14-50 outlet.
Plus 30% federal credit.

 

[sgalla04]

This excludes Tesla! He doesn't have workers unions, sorry guys none of this going to Tesla. Electric car US tax credit proposed to $12,500, less for Tesla vehicles - Electrek

Only an additional $2,500 of the tax credit if applicable to cars under $80,000 made by union workers. Teslas will still qualify for $10,000 according to the Electrek article.

"The $7,500 incentive would stay, but it would be increased to $10,000 for EVs produced in the US and to $12,500 for EVs produced in the US by union workers."

In addition, there is more on page 30 of the update. Maybe taking delivery in Q3 still isn't a bad idea.

"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."

From this portion of the changes to the bill it seems as if the $7,500 non-refundable tax credit will go into effect once signed into law for Teslas under $80,000 sold after May 24, 2021! What changes on Jan 1, 2022 is the increase to $10,000 for American made ($12,500 for union American made vehicles) and it will be a refundable tax credit.

Therefore, if you owe more than $7,500 in federal taxes in 2021, then taking delivery this year may still get you the original EV tax credit. This is huge news! Of course, it still needs to be passed.

 

[whisperingshad]

Only an additional $2,500 of the tax credit if applicable to cars under $80,000 made by union workers. Teslas will still qualify for $10,000 according to the Electrek article.

"The $7,500 incentive would stay, but it would be increased to $10,000 for EVs produced in the US and to $12,500 for EVs produced in the US by union workers."

In addition, there is more on page 30 of the update. Maybe taking delivery in Q3 still isn't a bad idea.

"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."

From this portion of the changes to the bill it seems as if the $7,500 non-refundable tax credit will go into effect once signed into law for Teslas sold after May 24, 2021! What changes on Jan 1, 2022 is the increase to $10,000 ($12,500 for union made vehicles) and it will be a refundable tax credit.

Therefore, if you owe more than $7,500 in federal taxes in 2021, then taking delivery this year may still get you the original EV tax credit. This is huge news! Of course, it still needs to be passed.

interesting points...maybe they will move date to April 9th hehe

 

[Uncle Paul]

Wonder if EVs produced by Union Workers pollute less than those produced by independent workers?

Blatant Pandering to Unions to get election $$$

 

[drive4fun757]

so this bill will be retroactive and apply to cars sold before the bill passes?