edatoakrun
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Republican tax proposal will terminate $7,500 EV tax credit

Thu Nov 02, 2017 11:51 am

Republiscum tax reform.

Screw EVs, increase subsidies for nukes.
GOP tax bill ends electric vehicle tax credit, overhauls other energy taxes

A massive GOP tax-reform bill would end a $7,500 credit for the purchase of electric vehicles and overhaul other energy-related provisions within the tax code.

The 429-page bill would repeal the electric vehicle tax credit, which supporters have credited with reducing the price of emission-free cars for consumers and helping the burgeoning American electric vehicle industry grow.

Advocates have ramped up lobbying efforts to save the credit, which has benefited electric vehicle manufactures like Tesla. The credit is limited at the first 200,000 electric vehicles sold by each manufacturer, but no one has yet hit that cap...

The legislation also reforms several energy-related tax credits.

It would repeal an inflation increase for renewable energy production tax credits, a move that would increase taxes for power sources like wind, solar, biomass, geothermal, hydropower and others. That provision would raise $12.3 billion in new revenue over ten years.

The bill also aligns the expiration date for investment tax credits affecting the renewables industry and extends a tax credit for residential energy efficiency programs. The two proposals would cost the government a combined $2.3 billion over a decade.

Republicans also seek to end two small tax credits for the oil industry, reducing government revenue slightly, and extend a nuclear industry production tax credit to newly built power plants beginning in 2021.

http://thehill.com/policy/energy-enviro ... auls-other
Last edited by edatoakrun on Thu Nov 02, 2017 2:46 pm, edited 1 time in total.
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LeftieBiker
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Re: Republiscum tax reform proposal will terminate $7,500 EV tax credit

Thu Nov 02, 2017 12:02 pm

I'll be pretty ticked off if I have to lease a Bolt for this reason...
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DanCar
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Re: Republiscum tax reform proposal will terminate $7,500 EV tax credit

Thu Nov 02, 2017 12:52 pm

LeftieBiker wrote:I'll be pretty ticked off if I have to lease a Bolt for this reason...
Since New York has required quotas for EV sales, it shouldn't raise prices for EV's in New York, unless you were planning on buying a Tesla.

DarthPuppy
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Re: Republiscum tax reform proposal will terminate $7,500 EV tax credit

Thu Nov 02, 2017 1:30 pm

Sad to see the $7,500 EV tax credit will likely go away. Surprised they are also taking some credits from oil. Really torqued they are encouraging new nuclear plants.

We all knew the federal EV tax credit would end at some point. So I'm not too upset about it. I'm just disappointed Nissan didn't deliver the Leaf 2 in time for me to get another tax credit before they took it away. Guess the net price of the 2018 will be $7,500 higher than I was planning on. Grumble.

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abasile
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Re: Republiscum tax reform proposal will terminate $7,500 EV tax credit

Thu Nov 02, 2017 2:29 pm

My main concern about nuclear power is the high costs. However, I’d much rather see more nuclear plants get built than coal or natural gas plants.

The best source of “nuclear power” is the giant fusion reactor in the sky, called the Sun. Heavy penetration of solar power, however, most likely depends on widespread deployment of energy storage.

Ending the $7500 EV tax credit without simultaneously considering a carbon tax is of course absurd.
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gene
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Re: Republican tax proposal will terminate $7,500 EV tax credit

Thu Nov 02, 2017 2:59 pm

Please sign: https://org.salsalabs.com/o/2711/p/dia/ ... _KEY=22515
Help stop Congress from trying to kill the electric car! Just this morning, Chairman Brady of the House Ways and Means Committee introduced the Tax Cuts and Jobs Act, H.R.1. The bill calls for the repeal of the $7,500 federal electric vehicle (EV) tax credit
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joeriv
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Re: Republican tax proposal will terminate $7,500 EV tax credit

Thu Nov 02, 2017 3:04 pm

IMHO BEV sales will tank - effectively all BEVs will suffer a $7,500 price increase. I assume it will be effective as of NOV 2?

Wonder if used BEVs will increase in price?
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GRA
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Re: Republican tax proposal will terminate $7,500 EV tax credit

Thu Nov 02, 2017 3:26 pm

An attempt to do this was certainly expected. Hasn't happened yet, of course, but if it does we'll see just how limited the real market is for PEVs, absent mandates. As IEVS points out this can help Tesla, by making their EV credits worth a hell of a lot more (to other manufacturers) in states like California which have ZEV quotas.
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BrockWI
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Re: Republican tax proposal will terminate $7,500 EV tax credit

Thu Nov 02, 2017 3:28 pm

My understanding it would go in to effect as of Jan 1 2018 if it passes. So I bet the deals on EV's will dry up as everyone tries to purchase before the credit ends.
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DanCar
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Re: Republican tax proposal will terminate $7,500 EV tax credit

Thu Nov 02, 2017 3:52 pm

joeriv wrote:IMHO BEV sales will tank - effectively all BEVs will suffer a $7,500 price increase. I assume it will be effective as of NOV 2?

Wonder if used BEVs will increase in price?
ZEV states such as California require certain amount of EVs to be sold. What this will cause is that gas car will have a hidden tax to pay for the BEVs in ZEV states. California sells half the EVs sold in America, so doubt sales will tank too much. This might make other states join the EV mandate if people really want clean air.

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