Skip to main content

federal tax credit

See All Stories

Here’s why Joe Manchin’s new bill that would disqualify most EVs from tax credits is ridiculous

EV tax credit bill

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 Close

Here are all the used EVs that qualify for the new $4,000 tax credit

Used EV 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 Close

US Treasury delays EV battery guidance; more vehicles could qualify for 2023 tax credits

EV tax credit

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 Close

EU and US discussing an exemption that would include EVs from European members in US tax credits

European EV 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 Close

Electric vehicle tax credits and rebates available in the US, sorted by state

electric vehicle tax credit

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 Close

US extends tax credits for EV chargers, motorcycles, fuel cells, again retroactively

EV home charger

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.



Expand
Expanding
Close

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.



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.



Expand
Expanding
Close

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-Electric-Car-tax-credit

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

Model-3-render-easycharge 3

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

green energy jobs

solarcity_installersSeveral 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