Earliest Cybertrucks may get federal tax credit (400k more Teslas will qualify under GREEN Act)

[Dids]

So i looked it up, just random articles from like 2012...
It seems like you have to be making decent money(relatively) already to get that tax liability refunded.

A basic tax calculator (with no deductions) showed if u make 60k you should be having to be liable for about 4k$ so this would be forgiving with the ev tax credit

If I understand it correctly.

I dont ever pay taxs because I don't make enough, so it wouldn't help me at all.

I'm ok with people getting less of a benefit if they pay less in taxes. I live in a pretty high cost area. Therefore I make a higher dollar amount and pay a higher dollar amount in taxes but relative to lower cost area I don't make more. When they do the stimulus they reduce the amount I got because it looks like I make too much. So I get a smaller stimulus check to use in a higher cost market.

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[Crissa]

I dont ever pay taxs because I don't make enough, so it wouldn't help me at all.

How are you affording with no income?

Anyhow, this is why they're discussing making it a credit instead of just a deduction.

well, they sold 500k last year, seek to grow by 50% per year, and with this discount, people gunna snatch those Ys up ...

That was worldwide. They aren't going to make 400k after the start date in the us alone

-Crissa

 

[Obxcast]

Looks like Tesla is getting another 400,000 vehicles worth of tax credits:
https://www.google.com/amp/s/electr...credit-electric-cars-us-incentive-reform/amp/

It doesn't seem like anybody but the very first few cybertrucks would even be eligible based on the 2020 numbers though. Maybe they can expand it further since it seems to only effect one EV manufacturer compared to the others.

Doesn’t seem very Green to me. If President Biden wants to really make green energy possible instead of trying to buy future votes then he would make it available for all electric vehicles. At least until the electric vehicles out number the ICE vehicles on the road. But, politics are politics I suppose.

 

[Rockvillerich]

That's what I'm thinking. Maybe they'll drag their feet implementing it and I'll get it for my CT, assuming they go on reservation order I'm at ~8000, ~2700 for my trim. Maybe I'll get lucky.

Yep, 24K here, and hoping it will still be around...

 

[Newton]

How are you affording with no income?

-Crissa

its all part of a grand plan

 

[MEDICALJMP]

Over 428,000 in line. It ain’t happening for me regardless.

 

[JLee]

well, they sold 500k last year, seek to grow by 50% per year, and with this discount, people gunna snatch those Ys up like nobody's business. i dont see these credits lasting ling enough for ct :'(

That’s over the world. There won’t be any US tax incentives for China

 

[Rick Shepherd]

Assuming the GREEN Act passes, since 400k more Teslas will qualify for the federal credit, some Cybertrucks may be delivered in time to take advantage.


via https://www.teslarati.com/tesla-400k-7k-tax-credit-approved/

Tesla to gain access to 400k more $7k EV tax credits amid Biden’s sustainability push

Another 400,000 Teslas sold in the United States are poised to receive a tax credit worth $7,000, thanks to a bill from the Biden administration. The bill, called the Growing Renewable Energy and Efficiency Now (GREEN) Act, features a number of programs aimed at incentivizing sustainable technologies.

Under the GREEN Act, the electric vehicle credit cap for automakers would be increased to 600,000 cars, though the tax credit becomes $7,000 per vehicle after the first 200,000 EVs are sold. Considering that Tesla and GM have already passed the 200,000-vehicle threshold, 400,000 more customers in the United States would receive a tax credit of $7,000. This should make Tesla’s electric cars far more attainable, with the Model 3 essentially being priced below $30,000 with the tax credit in place.

Following is the GREEN Act’s section on electric vehicles and the extended US incentive.

“The bill also extends existing tax incentives available for the sale of electric vehicles. The bill increases the electric vehicle credit cap for manufacturers to 600,000 vehicles, but reduces the credit by $500 after the first 200,000 vehicles sold. This would replace the current phaseout period that begins with 200,000 vehicles sold, with a phaseout period that instead begins during the second calendar quarter after the 600,000-vehicle threshold is reached. ​

​

“At the start of the new phaseout period created under the bill, the credit is reduced by 50 percent for one calendar quarter and subsequently ends. For manufacturers that already passed the 200,000 threshold before the enactment of the bill, the number of vehicles sold in between 200,000 and those sold on the date of enactment are excluded in determining when the 600,000 threshold is reached.”​

The GREEN Act does not only focus on electric vehicles, either. The bill also includes a five-year extension on the solar Investment Tax Credit (ITC), which plays a notable part in the adoption of solar systems in the country. A summary of the bill notes that the ITC would be extended at 30% through the end of 2025, then phase down to 26% in 2026, 22% in 2027 and 10% thereafter. This is something that Tesla could capitalize on as well, considering the company’s energy business.

“The bill also extends the investment tax credit (ITC) for solar energy property at 30 percent through 2025, which phases down to 26 percent in 2026, 22 percent in 2027, and 10 percent thereafter. The bill uses the same phaseout timeline and percentages for geothermal energy property.”​

Granted, the GREEN Act still needs to go through a legislative process before it could be fully rolled out. That being said, with the Democrats in control of the Senate, the House, and the White House, the chances of the bill actually being implemented seem to be pretty good.

I'd like to see it happen but the numbers don't add up. 400,000 units will be produced by the end of Q2 this year if my math is correct. We won't see a single CT by then. That's a global number but I still don't think it will happen. Tesla is on track to produce 1M this year so even if less than half are in the US that's the whole offering right there.

 

[Crissa]

I'd like to see it happen but the numbers don't add up. 400,000 units will be produced by the end of Q2 this year if my math is correct.

Their Fremont factory, which makes cars for export, has a total annual capacity of 600k. Which they probably won't reach, since several lines were stilled or not at capacity in the first quarter.

Also, the number of credits only counts sales after the bill is passed.

-Crissa

 

[fritter63]

That’s over the world. There won’t be any US tax incentives for China

Well, current admin is more China friendly, ya know! <ducks and runs>

 

[Crissa]

Well, current admin is more China friendly, ya know! <ducks and runs>

Rhetoric or actions? The last admin sure had their hand out for payola!

Naw, *swoosh*
-Crissa