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

[Cymerax]

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.

I have to agree, which sucks cuz I'm around #50K, grrrr.

I wonder if MAYBE Congress can be pushed to extend the credit JUST FOR PICKUPS, because they are the biggest gas/diesel guzzlers on the market, with any one of them emitting as much CO2 pollution as 2-3 compacts or mid-size sedans.

I guess one work-around would be to buy a Tesla Model 3 or Y JUST BEFORE the tax credit expires, and then sell it soon after it expires, make back most of the credit, and then invest that difference in Tesla stock which you'd then sell when your CT was ready for delivery, lol.

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[Cymerax]

Something I have pondered as a new style of EV incentive that, at least as a brief thought experiment could potentially make a larger impact on CO2 "relative to just a general tax incentive":

Make the Tax incentive relevant to trucks and truck owners/operators. In other words, if you buy an EV truck to replace your ICE pickup. But there would have to be rules that you have to have owned and operated your pickup for several years to prevent people from buying a brand new pickup to immediately sell it and buy an electric truck just to get the incentive.

That way you are directly replacing an ICE pickup with an electric pickup. Instead of someone replacing their old tesla, hybrid, efficient sedan etc... I realize that ICE pickup would then be on the used market and most likely not removed entirely from the road. However buying a used car is better than buying a brand new one.

I also realize this is a self serving idea considering I drive an F150 ;-).
Just saying, if reducing CO2 emissions is a goal of the legislation, and trucks produce the most..... make that deal as sweet as possible for people currently driving trucks.
Just a thought, maybe I'm wrong.

Why would you make the incentive conditional on having owned a gas/diesel guzzler??? The idea is that you want to encourage people to chose an EV truck over ICE trucks regardless of whether it's their 10th or 1st pickup purchase.

But I absolutely agree that Congress should come up with a totally separate incentive program for pickups, cuz they are pretty much the biggest emitters of greenhouse gases of all personal vehicles on the roads today ;?)

 

[MEDICALJMP]

When the battery costs reach parity to ICE you won't need incentives. The market will naturally shift. That is coming soon.

 

[Crissa]

When the battery costs reach parity to ICE you won't need incentives. The market will naturally shift. That is coming soon.

Yeah, we're already past parity TCO for many battery electric vehicles. We're closing in on parity for purchase price...

-Crissa

 

[Newton]

anyone know how this tax credit will works?
I usually get back like 1K when filing tax;s would this mean i would not get the credit?
tax stuff is weird

 

[Dids]

anyone know how this tax credit will work?
I usually get back like 1K when filing tax;s would this mean i would not get the credit?
tax stuff is weird

You would claim the deduction when you file. If you have your taxes withheld you would get a refund check. This is not a $7,000 check. It is $7000 dollars of income you don't pay taxes on.... if your tax rate is 15% the amount of your overpayment would be $1050 which you would get as a refund.

 

[fritter63]

When you file your taxes you get to claim it as a deduction.

Nit: Credit, not deduction.

Dedecution reduces your taxable income.

Credit is substracted from your tax bill. If you only owe 5K, you only get a 5K credit....

 

[Newton]

Nit: Credit, not deduction.

Dedecution reduces your taxable income.

Credit is substracted from your tax bill. If you only owe 5K, you only get a 5K credit....

this just confused me more

 

[Dids]

Nit: Credit, not deduction.

Dedecution reduces your taxable income.

Credit is substracted from your tax bill. If you only owe 5K, you only get a 5K credit....

In that case you would get a $7000 check if you paid that much in taxes.

 

[Dids]

this just confused me more

You wanna know something even more confusing? section 179 deduction.... if a truck weighs more than 6,000lbs and its used for business can deduct $25,000 which is $6,500 for my business.... should I pay the extra for a tri motor if it meets the weight?

 

[Crissa]

You wanna know something even more confusing? section 179 deduction.... if a truck weighs more than 6,000lbs and its used for business can deduct $25,000 which is $6,500 for my business.... should I pay the extra for a tri motor if it meets the weight?

I swear that deduction needs to go away. It only leads to truck inflation.

-Crissa

 

[Dids]

I swear that deduction needs to go away. It only leads to truck inflation.

-Crissa

Yes its bad. I honestly wish they stopped using tax code to influence activity. It's a distortion.... instead they could reduce rate and spend money on research and development... but I have to take every deduction I can.

 

[FullyGrounded]

I don't see why they limit that credit, but it is what it is. I'm buying my CT regardless. It might help pay for my additions - would like to see the current options list and costs. Pretty wild that Rivian is charging $5k for a fairly basic kitchen, though it does slide out of the pigeon hole.

I am hoping for a cap, depending on how tough. I can't imagine putting something simple on top of this hard core truck. But, whatever is offered, I will look. I don't think Elon would entertain anything but great. Then, how will solar work with this... or, will it at all? So many questions. I'm hoping the little carrot that's been offered isn't supposed to keep us until production start. peace

 

[Newton]

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.

 

[myco.rrhizae]

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 :'(