Tax credit Stories January 10

Virginians will get 10% up to $3500 back on EV purchases if new law passes

Virginia lawmakers have put forward House Bill 469 which would allow for a 10% State tax refund on the purchase of an electric vehicle up to a $3500 maximum.

Tax credit Stories June 16, 2016

On May 26, 2016 – “U.S. Rep. Mike Honda (D-Silicon Valley, Calif.)  introduced H.R. 5350, the bipartisan Energy Storage for Grid Resilience and Modernization Act. Honda was joined by Reps. Chris Gibson (R-NY), Tom Reed (R-NY) and Mark Takano (D-CA).” The purpose of the legislation is to clarify that energy storage industry receives a 30% tax credit equivalent in nature to what the Renewable Energy industry gets. The 30% Solar Power Tax Credit, is credited with being one of the major drivers for the solar power installation boom in the United States.

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Tax credit Stories May 6, 2016

Tesla announced a new Build Plan for the Model 3 this week. According to Tesla CEO Elon Musk, it could result in the company manufacturing as many as 100,000 to 200,000 Model 3 vehicles during the second half of 2017, and around 500,000 cars in 2018 (Model 3, S and X). It’s a direct response to the storm of Model 3 reservations, now over 400,000, that Tesla received since unveiling the vehicle just over a month ago.

The ambitious plan would not only result in reservation holders getting the car sooner, but also in more (a lot more) American reservation holders having access to the $7,500 federal tax credit for electric vehicles. expand full story

Tax credit Stories April 7, 2016

In an email sent out last night (see below), Tesla confirmed that following the overwhelming number of Model 3 reservations it received, the company is currently “increasing its production plans to minimize the wait for Model 3” – something Elon Musk hinted Tesla was looking into after witnessing the long lines of people waiting at Tesla’s stores to reserve the $35,000 long-range all-electric vehicle. expand full story

Tax credit Stories December 22, 2015

The new budget bill approved by the US Congress last week included an important extension to the 30% investment tax credit (ITC) for solar, but it also brought back the less popular (but welcomed) tax credits for electric motorcycles. expand full story

Tax credit Stories September 3, 2015

The long-awaited Tesla Model X, which will launch on September 29th, could become a very popular vehicle with American business owners, not just because of its signature ‘Falcon Wing’ doors or the ‘sculptural beauty‘ of its second row seats, but because it could actually be a great bargain despite of its $80,000 starting price.

Beyond the $7,500 federal tax credit offer at the purchase of electric vehicles and other tax incentives at the state level, the Model X’s weight and capacity could make it eligible to the $25,000 tax deduction for heavy vehicles under Section 179, also known as the ‘Hummer Tax Loophole’… expand full story

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