Here’s why Joe Manchin’s new bill that would disqualify most EVs from tax credits is ridiculous
In short, Joe Manchin opposes EV adoption. Straight up. In his latest obstruction against electric vehicles and limiting carbon emissions, the Democratic Senator representing the nation’s second-largest supplier of coal has introduced a new bill that immediately calls for strict enforcement of revised terms for EV tax credits laid out in last year’s Inflation Reduction Act – many of which Manchin wrote himself. We won’t disagree that the government needs guidance to enable these credits, but the senator’s bill is as promising as a future in which we continue relying on fossil fuels.
Expand Expanding CloseHere are all the used EVs that qualify for the new $4,000 tax credit
January 1, 2023 marked the dawn of another year for the world, but in the realm of EVs, more specifically purchases made by US consumers, the date kicked off a fresh start of new tax credits for vehicles both new and used. While much of the dust is still settling on the Capitol as it works to implement new qualifying terms for tax credits, we do have some information about what used EVs will and will not qualify. Here’s what we know so far.
Expand Expanding CloseUS Treasury delays EV battery guidance; more vehicles could qualify for 2023 tax credits
The United States Treasury department announced it will delay its guidance in regard to the sourcing requirements for battery materials in order for EVs to qualify for federal tax credits. Beginning January 1, 2023, a slew of new requirements will still take affect, but the lack of battery guidelines could offer a brief window in 2023 where electric vehicle purchases that may not fit the pending battery sourcing requirements still qualify for some level of tax credits.
Expand Expanding CloseEU and US discussing an exemption that would include EVs from European members in US tax credits
The European Union has asked the United States to include EVs, batteries, and other sustainable products sold on US soil in federal tax credits, similar to benefits it currently offers its North American neighbors. According to a recent report, the US and EU are in discussions about what’s possible.
Expand Expanding CloseElectric vehicle tax credits and rebates available in the US, sorted by state
With more mainstream curiosity surrounding EVs, bolstered by a ten year extension in federal tax credits under the Inflation Reduction Act, there’s never been a more exciting time to buy an EV, and there has never been a wider selection of options to choose from. What many US consumers may not be aware of, however, is what electric vehicle tax credits may be available to them at the state level in addition to discounts or money back on EV charger installations. Luckily for you, we’ve broken it all down, state-by-state, below.
Expand Expanding CloseElectric bicycle tax credit makes progress in Congress but gets slashed from 30% to 15%
A 30% tax credit for electric bicycle purchases in the US has been slowly working its way through the gauntlet of Congress. The latest update to the proposed legislation shows much anticipated progress but also reduces the potential size of the incentive.
Expand Expanding CloseUS Senate puts $40,000 cap on price of electric cars that qualify for EV tax credit ahead of reform
The US Senate has voted to approve a non-binding resolution setting a $40,000 threshold on the price of electric cars that would be eligible for a $7,500 federal tax credit.
However, the measure has just passed as the Democrats are working to reform the EV incentive program.
Expand Expanding CloseAn even more generous electric car federal tax credit reform is being proposed
A new bill to reform the federal electric car tax credit reform has been proposed in US Congress.
It’s the second one since the Democrats took over the federal government and an even more generous reform.
Expand Expanding CloseNew E-BIKE act introduces 30% US federal tax credit for electric bicycle purchases
Federal legislation was introduced today to create a federal tax incentive for the purchase of electric bicycles in the US.
Expand Expanding CloseUS extends tax credits for EV chargers, motorcycles, fuel cells, again retroactively
The US spending bill just agreed to last night includes extension of tax credits for home EV charger installations, electric motorcycles, and fuel-cell vehicles.
These credits were previously extended through the end of 2017, though that time the extension was retroactive, as taxpayers didn’t know about the incentive during the incentive period. Now, those credits have been extended retroactively again — covering the last two years, since 2017. They’ve also been extended forward through the end of 2020.
Model 3 for $33,000? Congress considers EV tax credit revamp to help Tesla, GM, and used EVs
Marie Sapirie of E&E’s Tax Notes group reports on some potential big developments for the US federal EV tax credit contained in a draft bill, the ‘‘Growing Renewable Energy and Efficiency Now Act of 2019’’ or ‘‘GREEN Act of 2019’’. The draft is being promoted by Congressman Mike Thompson (D-CA), a member of the powerful Ways & Means committee, which is the chief tax-writing committee in the US House of Representatives. That means this draft bill should be taken seriously. The bill is a potential huge win for Tesla and General Motors, for whom the existing credit has almost fully extinguished.
Bill would extend tax credit for fuel cell cars, but not the $7,500 EV credit
Newly proposed legislation in Congress would extend a number of alternative fuel tax credits, but it wouldn’t make any changes to the $7,500 EV credit.
Oil giant Koch Industries try to stop the attempt to expand the electric vehicle federal tax credit
With a new Republican-backed effort to expand the electric vehicle federal tax credit, the Koch brothers are urging senators to vote against it – putting their political donation dollars at work.
Expand
Expanding
Close
Republican introduces new bill to end the $7,500 federal tax credit for electric cars and tax them more instead
At a time when most governments are looking at ways to encourage electric vehicle adoption, a Republican senator has now introduced a new bill to end the $7,500 federal tax credit for electric cars and instead tax them more.
Expand
Expanding
Close
There’s a new effort to remove the EV tax credit cap just as Tesla and GM are about to hit it
Some politicians and electric utilities are now pushing the idea to remove the cap of 200,000 electric vehicles sold per manufacturer in order to get access to the federal tax credit just as Tesla and GM are about to hit the threshold.
Expand
Expanding
Close
US retroactively extends tax credits for charger installations, electric motorcycles and fuel cell vehicles through end of 2017 (Updated)
Congratulations to anyone who bought an electric car last year, as today, Congress took action to retroactively extend several tax credits, and among them were credits for EV charging infrastructure, fuel cell vehicles and electric motorcycles.
A lot of people know about the $7,500 federal tax credit for electric vehicle purchases, but there are a number of other incentives available to EV buyers which help to offset initial costs. These include today’s newly-extended 30% rebate (up to $1,000) on costs associated with the installation of an EV charging station, a 10% credit (up to $2,500) on 2- or 3-wheeled electric vehicles such as electric motorcycles, and a $4,000 credit for the purchase of a new fuel cell vehicle.
These credits had previously expired at the end of 2016, and today were extended retroactively through the end of 2017. Anyone who purchased an electric motorcycle, a fuel cell vehicle, or spent money on a charging installation in 2017 can qualify for these credits on their 2017 tax return.
**CORRECTION: A previous version of this article stated that the credit was available for 2018, as the original Senate bill stated. The bill as passed only extends the credit through the end of 2017, though. Apparently we will have to wait to see if they ever decide to extend the credit for 2018, compounding the problem mentioned below about retroactive incentives.
Tesla’s stock (TSLA) tumbled on Model 3 delay and EV tax credit fear, but here’s what you need to know
All the information Tesla dropped on investors and analysts this week with their third quarter financial results is being processed by the market right now, and the market unsurprisingly doesn’t like it.
Tesla’s stock (TSLA) took a 7% hit down to $300 per share yesterday, but beyond Tesla’s quarterly results, it looks like the announcement that the GOP plans the remove the $7,500 federal tax credit for electric cars also hurt the stock a lot.
Here’s what you need to know:
Expand
Expanding
Close
Colorado officially approves $5,000 tax credit for electric vehicles – up to $12,500 with federal incentive
Colorado official passed its bill HB 1332 to update its electric vehicle incentive program. The legislation now gives electric vehicle buyers in Colorado a $5,000 tax credit which can be immediately realized at purchase through a dealer incentive.
It’s a significant improvement over the state’s previous program, which was already generous, but nowhere near as straightforward and efficient as it is now.
Expand
Expanding
Close
An early Tesla Model 3 reservation could determine if you get the $7,500 US tax credit or not
Tesla CEO Elon Musk finally released more details about the reservations process for the upcoming Model 3 launch and it gives us an interesting opportunity to discuss the implications of the vehicle’s introduction on Tesla’s limit for the $7,500 federal tax credit for electric vehicles.
We’ve heard some discussion in EV industry about the implications of GM advertising the Bolt’s pricing as “$30,000 after incentives” and in contrast, Tesla is talking about the Model 3’s starting price as being “$35,000 before incentives”.
Expand
Expanding
Close
SolarCity CEO says the US solar industry could lose 100,000 jobs if the federal tax credit is not renewed
Several solar companies saw double digits stock price increases on Monday. The surge can be partly attributed to the Paris agreement to curb greenhouse gas emissions, but it was mainly due to reports of negotiation for the renewal of the federal tax credit for solar energy.
Democrats are said to be willing to agree to a lift on the 40-year ban on US crude oil exports, if the bill includes a long-term extension of the wind and solar tax credits. The deal isn’t done, but as the industry is getting closer to the phasing out of the tax credits, which are set to fall from 30% to 10% in 2017, the industry is warning politicians about the impact of inaction.
Expand
Expanding
Close