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EV Tax Credit News!

7K views 32 replies 16 participants last post by  Mister Dave 
#1 · (Edited by Moderator)
#2 ·
Bloomberg is reporting that the EV Credit is left intact in the new House/Senate compromise tax reform bill that is to be officially unveiled today or tomorrow. Great News! This mean that I will take the 2018 Volt I have ordered!
Dewey Wins! :)

I hope its true, but until the fat lady sings...
 
#4 ·
Great!
Also notice that interest rates just got raised and 3 more increases forecast for next year. I might have just gotten the sense of urgency to purchase (Bolt).
 
#9 ·
#10 ·
The dealers must all be groaning. I was briefly considering a Bolt when I had trouble with my Volt a couple weeks ago. Emailed six dealers for out-the-door prices. Half of them hinted that I better hurry before the EV tax credits were repealed. I'm sure that BS sales tactic has sold a lot of EVs in the last few weeks.
 
#11 ·
Even if the credit is there, the tax bill will make it less useful next year for some who could benefit from it this year. For example, say you have an $8000 federal tax liability under today's tax code, you would get the full benefit of the credit. If you happen to be in a tax situation that will greatly reduce your tax liability under the plan, you won't get the full benefit of the credit. The standard deduction is increased and if you have children, the child tax credit will reduce your liability.
 
#12 ·
The standard deduction is increasing by rolling the personal exemption into it and eliminating that. No net effect, except it moves the point of "do I itemize or not?" rather higher. Doesn't affect total tax burden (though other things might).
 
#17 ·
Amazing bargain

Helped a friend buy a 2018 Volt this morning...wow, >$6K in dealer discounts in Burien...They did say the Fed tax credit is going away, even after we bought, but it is by definition a sales technique...Unbelievable bargain with no sales tax in Washingon compared to any other car out there....

Wish I could have gotten that deal last year, but am way happy to have enjoyed the vehicle for 18months in the meantime.
 
#26 ·
Actual text from conference bill, with the most important part - "The conference agreement does not include the House bill provision.":

https://www.scribd.com/document/367284060/Final-tax-bill#from_embed

Conference Agreement

The conference agreement does not include the House bill provision.

3. Repeal of credit for plug-in electric drive motor vehicles (sec. 1102(c) of the House bill and sec. 30D of the Code)

Present Law

A credit is available for new four-wheeled vehicles (excluding low speed vehicles and vehicles weighing 14,000 pounds or more) propelled by a battery with at least 4 kilowatt-hours of electricity that can be charged from an external source. The base credit is $2,500 plus $417 for each kilowatt-hour of additional battery capacity in excess of 4 kilowatt-hours (for a maximum credit of $7,500). Qualified vehicles are subject to a 200,000 vehicle-per-manufacturer limitation. Once the limitation has been reached the credit is phased down over four calendar quarters.

House Bill

The provision repeals the credit for plug-in electric drive motor vehicles.

Effective date. − The provision is effective for vehicles placed in service in taxable years beginning after December 31, 2017.

Senate Amendment

No provision
 
#29 ·
It's not over yet. Millions are being spent right now for a last minute push to stop it by powerful PACs.

California PACs are leading the charge. I constantly get ads urging me to call my Congresspersons to stop it.
 
#31 ·
Still the issue of what to do to level the playing field between the early manufacturers and the laggards. Do I want the Europeans and Asians to roll cars off a boat and get a $7500 price advantage over Tesla and GM? Not really.
 
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