New tax credit to be voted on soon!

[Roy2001]

All I know is that tax credit would help curb the cost in a big way for my first EV and my first new car since 2011. We have many tax credits for many things that we pay taxes for, I would like to take advantage of one. If you think we don't need this credit then don't take advantage of it because you don't need it.

From economic point of view, when EV price is high and adoption rate is low, tax credit will help people to buy it.

So gas price alone is good enough, no need to mention that you have to wait for months or maybe years to get an EV.

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[davidf01]

What we dont need is the hundreds of billions in tax breaks for large companies that already make billions in profit with 100 billion or more market cap.

I would rather setup up small tax breaks for the average guy so they could get a credit to buy a EV then billions and billions in tax breaks for some 100 billion dollar company so they can set up tax havens in foreign countries with the tax money we give them.

 

[LightningShow]

I’ll take the tax credit if i can get it since it’s just giving my own money back to me but, as people have said, it’s not likely a very powerful incentive when demand is already far outstripping supply.

 

[TaxmanHog]

Call your senator tp push for a new tax credit.

What is the bill number on this?

 

[RI fisherman]

What is the bill number on this?

It's coming up in talks to bring back Build back better... https://www.google.com/amp/s/www.politico.com/amp/news/2022/06/16/rec-room-00040321

I highly doubt this will go through as it's attached to a major spending bill an Machine won't vote for it. They would need to find another legislative vehicle to pass but there is some momentum to get something smaller done. They will need to drop the corporate tax reform IMHO for this to get done.

 

[PV2EV]

BBB is a football. Joe Manchin is Lucy, and everyone who keeps hoping for this is Charlie Brown.

 

[Maquis]

BBB is a football. Joe Manchin is Lucy, and everyone who keeps hoping for this is Charlie Brown.

Who’s going to step up and be Peter Griffin?

 

[greenne]

Looks like there's some action on the Tax Credit. Appears the Union incentive is gone and they are focused on getting Tesla and GM back in the game by lifting the cap. FWIW both Ford and Toyota are expected to hit the cap this year so I am sure that's also a factor.

https://www.bloomberg.com/news/arti...trip-union-ev-credit-bonus-opposed-by-manchin

Unknown where this will go, but I doubt Manchin would comment on the EV Credit if it was going to be scrapped altogether. My guess is the cap will be lifted and hopefully the credit either becomes a point of sale rebate OR able to be rolled over. Biggest problem is only those with sizable taxable income can use it.

Stay tuned.. think we'll see some movement of this next few weeks.

 

[Straussberg]

I'm not sure I understand why people owing 7500 in taxes is considered a high amount. If you're considering buying a new EV, I'd wager most folks in that market make at least $54k in taxable income.

My thoughts are I despise paying taxes, and buying an EV means I pay less in taxes. Gives me enough leverage to consider buying a new car. So in short, I hope it gets renewed...

 

[PV2EV]

Looks like there's some action on the Tax Credit. Appears the Union incentive is gone and they are focused on getting Tesla and GM back in the game by lifting the cap. FWIW both Ford and Toyota are expected to hit the cap this year so I am sure that's also a factor.

https://www.bloomberg.com/news/arti...trip-union-ev-credit-bonus-opposed-by-manchin

Unknown where this will go, but I doubt Manchin would comment on the EV Credit if it was going to be scrapped altogether. My guess is the cap will be lifted and hopefully the credit either becomes a point of sale rebate OR able to be rolled over. Biggest problem is only those with sizable taxable income can use it.

Stay tuned.. think we'll see some movement of this next few weeks.

Manchin always tees up the football before yanking it

 

[greenne]

Manchin always tees up the football before yanking it

It's his attempt to play both sides of the fence....Manchin is all about what it takes to get himself reelected as a Democrat in a very Red state.

He's already publicly shown disinterest in EV credits, however he's actually getting pushback from the Coal Miner's Union and some others in his state to pass portions of the BBB. Also, Toyota has manufacturing in WV and has donated to Manchin...I'm sure they are pushing him to fix the credits before they expire for Toyota this summer/fall.

By floating the dissolution of the union provision, he can now go back to his conservative base and claim he urged Congress to get rid of it. OR he can say "It could have been worse" if the thing passes.

On the other hand, he can justify the vote by playing the Foreign vs Domestic manufacturer angle.

" In recent weeks, Manchin has said he doesn’t like the existing EV tax credit structure because U.S. companies have run out of credits or will soon run out of credits and foreign companies will continue to get subsidized"

We'll see...he's setting the stage to support but say he doesn't really support it OR vice versa...

 

[RI fisherman]

again the problem isn't just the EV credits its connected to a bill that's doomed to fail yet again. they need to align on a new bill and some how pitch it as inflation lowering IMO which subsidizing expensive EV cars is not really the way to go. The idea of capping the cost of the EV so these manufactures have incentivizes to actually make an affordable version, not just something a few of us hard working individuals can afford if they really want to make a difference. And i just laughed out loud at myself typing that last sentence.

 

[RavenYZF-R6]

My crystal ball says when this passes, or even looks like it will pass, Tesla jacks up their prices another 8k just like last time they thought it would pass.

 

[greenne]

again the problem isn't just the EV credits its connected to a bill that's doomed to fail yet again. they need to align on a new bill and some how pitch it as inflation lowering IMO which subsidizing expensive EV cars is not really the way to go. The idea of capping the cost of the EV so these manufactures have incentivizes to actually make an affordable version, not just something a few of us hard working individuals can afford if they really want to make a difference. And i just laughed out loud at myself typing that last sentence.

The BBB is dead.

The EV credits would be is some slim climate bill. Yes there is talk of inflation and prescription drug prices thrown in, but it would have a big climate impact. Something on the order of $.5-1T for climate initiatives.

 

[greenne]

My crystal ball says when this passes, or even looks like it will pass, Tesla jacks up their prices another 8k just like last time they thought it would pass.

To be fair, Elon doesn't need a reason to jack up prices. The dude raises the price on a whim whenever someone writes negative about him on Twitter...

On the flipside, if GM were to get credits again...with 2023 MY pricing we are talking about a bolt EV now starting at $18k after credit...

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