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 full story
federal tax credit Stories October 10
federal tax credit Stories March 16
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 full story
federal tax credit Stories February 9
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.
federal tax credit Stories November 3, 2017
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 full story
federal tax credit Stories May 16, 2016
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.
federal tax credit Stories February 11, 2016
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 full story
federal tax credit Stories December 15, 2015
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 full story