$12,500 tax credit possible?

[Igotnoclevername]

No matter how many times you repeat it, it is still false! The much discussed potential EV credit is $12,500, not $13,500.

But...but....but I want $13,500 now too. 9/10 people agree free money is the best kind of money.

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[EaglesPDX]

I live in Oregon, wouldn't the standard range Pro qualify for the full $12,500 here?

If you can fully utilize that Tax credit that's potentially a $27.5k F-150 Lightning.

The Lariat with options for range and towing for me is $76k so $15k off of that is a big help.

 

[EaglesPDX]

live in Oregon, wouldn't the standard range Pro qualify

OR is $50k MSRP. It is the base MSRP so the $52k Tesla qualified. The Pro model is a corporate model and don't think it includes the long range battery with the towing and power options or some of the tech. The Lariat was the cheapest model I could configure with options I wanted.

 

[Sgt Beavis]

One other thing I hadn’t been thinking about.

Shouldn’t the F150 Lightning qualify for the Section 179 deduction for small businesses?
For those that don’t know. If you own a small business, you can buy a truck with a GVWR between 6000 and 14000lbs and deduct the full value of that vehicle on taxes. However there are all sorts of restrictions now. I think a pickup truck would be limited to a $25000 deduction. Still, that’s a pretty good sum to go along with the tax credit.

Section179.org seems to be the best website for information on this but of course you should talk to a tax expert to make sure this purchase would qualify. Also, the rules change a bit every year so it’s likely this will change in 2021.

https://www.section179.org/section_179_vehicle_deductions/

 

[astricklin]

"The vehicle must also be used for business at least 50% of the time – and these depreciation limits are reduced by the corresponding % of personal use if the vehicle is used for business less than 100% of the time."

 

[BennyTheBeaver]

OR is $50k MSRP. It is the base MSRP so the $52k Tesla qualified. The Pro model is a corporate model and don't think it includes the long range battery with the towing and power options or some of the tech. The Lariat was the cheapest model I could configure with options I wanted.

It may not be the model you wanted but in Oregon the Standard Range Pro model does qualify for all $12,500. IF you can utilize the tax credits that essentially makes a Pro Lightning F-150 $27,474. That's a steal.

 

[EaglesPDX]

IF you can utilize the tax credits that essentially makes a Pro Lightning F-150 $27,474. That's a steal.

Lacks range, towing, Copilot 360. The lowest that had those essential features avaialable as options was an MSRP of $56k with options above taking it to $68k.

But I think the MSRP will be over OR's $50k limit unless legislatures boosts that up.

 

[Papadave]

I don't watch the news but, I thought that the EV credit ($12,500) did not make the cut in the budget. Anybody have a update?

 

[Sgt Beavis]

I don't watch the news but, I thought that the EV credit ($12,500) did not make the cut in the budget. Anybody have a update?

It’s still moving forward. According to this, it probably won’t get the the Senate floor until next month.

https://www.forbes.com/wheels/features/12500-tax-credit-for-electric-vehicles-what-it-means/

 

[greenne]

standard liberal response... "then don't take it". Yes, the entire law is abuse of the American system and is outright theft from future generations. I am an econ professor, get the moral suasion arguments - but they are complete BS. Using tax incentives to generate behavior is always fraught and counterproductive, creates uneven outcomes and unintended consequences. If a thing is worth doing it is worth doing on its merits without government incentive. Paying wealthy people to do a thing that middle and lower class cannot afford, using their tax dollars to do so, is abusive and cannot be defended, full stop.

To be fair though, climate tax credits are a small dip in the bucket compared to the HUGE tax breaks given to big oil. At least with the EV/solar/climate credit you are supposedly getting something in return.

The difference with credits of this sort is they should be offset to a certain degree the effects(i.e. cost) of climate change and/or pollution from a comparable fossil fuel vehicle. This article points to a staggering cost of $37B in environmental and health costs in 10 states alone. ( The True Financial Cost of Polluting Gas Vehicles | WIRED ) This was from 2016, it is no doubt much more now. So if a $7500 will get one car fossil car off the road then to me its worth it and we will get that back in

I do agree with you that the tax credits need to be structured so everyone can take advantage of it. A nonrefundable tax credit is not usable for a huge chunk of the population.

Also...if you think Americans are going to "do the right thing" without incentive, I got beach front property in Nebraska to sell you.

 

[greenne]

It’s still moving forward. According to this, it probably won’t get the the Senate floor until next month.

https://www.forbes.com/wheels/features/12500-tax-credit-for-electric-vehicles-what-it-means/

The EV tax credit revision did not make it into the Bipartisan infrastructure bill. It is included in the supplemental reconciliation bill the Dems are pushing in addition to the core infrastructure deal. I guess it could also be a standalone or would be in a replacement bill if the bipartisan deal falls through.

I think it has a pretty good shot of coming to fruition, no matter what method. There seems to be lots of support for it amongst Dems from Progressive to Centrist.

 

[Sgt Beavis]

The EV tax credit revision did not make it into the Bipartisan infrastructure bill. It is included in the supplemental reconciliation bill the Dems are pushing in addition to the core infrastructure deal. I guess it could also be a standalone or would be in a replacement bill if the bipartisan deal falls through.

I think it has a pretty good shot of coming to fruition, no matter what method. There seems to be lots of support for it amongst Dems from Progressive to Centrist.

Yea, I think they’ll have to remove the provisions for Unions or else they’ll lose support from southern Democrat Senators, like those from Alabama. But otherwise I think it still has a good chance of passing.

 

[shutterbug]

Yea, I think they’ll have to remove the provisions for Unions or else they’ll lose support from southern Democrat Senators, like those from Alabama. But otherwise I think it still has a good chance of passing.

At last check, there were no democratic senators in AL. Also most southern states.

 

[Sgt Beavis]

At last check, there were no democratic senators in AL. Also most southern states.

Sorry, you are correct.. I meant Georgia. Both are Democrat.

 

[corradoborg]

Sorry, you are correct.. I meant Georgia. Both are Democrat.

Both Democrat and both highly supportive of unions.

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