Frank W

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Update: December 16, 2019 3PM PT

The proposed tax-credit expansion was not approved today --

see: https://www.cybertruckownersclub.co...f-federal-extension-is-approved.265/post-2472




_____________________________
Could this really have an impact on us?

Source: Marketwatch
https://www.marketwatch.com/story/t...g-lawmakers-attention-as-year-ends-2019-12-13


Tax-credit expansion sought by Tesla, other EV players is among tax breaks getting lawmakers’ attention as year ends

Published: Dec 13, 2019 2:41 p.m. ET

The usual year-end lobbying of Congress by industries for last-minute legislation to renew expiring tax cuts and subsidies is well under way in Washington.

Tesla TSLA, +5.26% , General Motors GM, +1.26% and other players in the electric-vehicles sector have a role in the scramble around a possible tax package with so-called “tax extenders,” as they could score an expansion for a key EV credit.

“Thanks to bipartisan, broad-based support, we believe the EV tax-credit extension is very well-positioned for enactment,” said Mike Carr of the EV Drive Coalition, a group whose members range from Tesla, GM and Nissan NSANY, +0.13% to electrical equipment giant ABB ABB, +1.57% , as well as from the Nature Conservancy to charging station providers Volta and ChargePoint. “A large and diverse set of stakeholders — including environmentalists, public health groups, automakers and utilities — are urging Congress to act given its consequences for American global competitiveness, clean air and climate change.”

“It is less a question of if it’s in a tax package than if a tax package will happen at all. If there is an agreement on tax, there is a very high likelihood the EV provision is included,” Carr added in an email to MarketWatch.

The potential extension for the EV credit has been included by House Democrats in a proposed GREEN Act that aims to deliver a wide range of energy-related tax incentives. It would raise the sales level at which the credit starts to get phased out.

The current $7,500 EV tax credit, which allows taxpayers to deduct part of the cost of buying an electric car, phases out once an automaker hits 200,000 cumulative EV sales, and both Tesla and GM already have sold more than 200,000 electric vehicles. If the extension gets the green light, there would be a $7,000 credit until a manufacturer hits 600,000 vehicles sold.

The extension has been an issue in Washington throughout 2019, with some lawmakers backing it in the spring as they rolled out a bipartisan Driving America Forward Act, which has been folded into the GREEN Act.

Meanwhile, in an example of the opposition to the EV tax credit, Republican Sen. John Barrasso of Wyoming has argued this year that it’s “time to pull the plug” on the subsidy for EV buyers and rolled out a “Fairness for Every Driver Act.”

The Driving America Forward Act has been the bill that Tesla has lobbied on the most in 2019, according to an OpenSecrets.org analysis of disclosures. It’s also been a focus for GM.

Some analysts have been downbeat on the prospects of an extension for the EV tax credit. “There’s a chance,” but it’s “not very likely” and just “theoretical,” said James Lucier, an analyst and managing director at Capital Alpha Partners, in an email to MarketWatch. Lucier likened the situation to a scene in the movie “Dumb and Dumber,” when Jim Carrey’s character gets excited by a “one out of a million” chance and says, “So you’re telling me there’s a chance.”

Other tax breaks that have been under consideration at year’s end include a credit that would benefit railroads and tax relief for brewers, wine makers and distillers.

Republican and Democratic lawmakers have shown they’re interested in some year-end dealmaking, even as an impeachment effort against President Donald Trump ramps up and divides Washington. On Thursday, they reached a deal in principle on a dozen spending bills, in an agreement that likely heads off a government shutdown.





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CybertruckAlaska

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"The current $7,500 EV tax credit, which allows taxpayers to deduct part of the cost of buying an electric car, phases out once an automaker hits 200,000 cumulative EV sales, and both Tesla and GM already have sold more than 200,000 electric vehicles. If the extension gets the green light, there would be a $7,000 credit until a manufacturer hits 600,000 vehicles sold. "

Thanks for posting that article, Yes that would be nice for us. Hopefully for the next 2 years in a row we will see tax credit extensions. Or even if its missed this time, after the next election it could come back.
 
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Frank W

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"The current $7,500 EV tax credit, which allows taxpayers to deduct part of the cost of buying an electric car, phases out once an automaker hits 200,000 cumulative EV sales, and both Tesla and GM already have sold more than 200,000 electric vehicles. If the extension gets the green light, there would be a $7,000 credit until a manufacturer hits 600,000 vehicles sold. "

Thanks for posting that article, Yes that would be nice for us. Hopefully for the next 2 years in a row we will see tax credit extensions. Or even if its missed this time, after the next election it could come back.
Appreciate the clarification on this matter. I was on a travel trailer website forum recently and the Cybertruck was brought up so I followed the conversation and it seems quite a few people are opposed to the EV Tax Credits and it was also brought up about GPS to track mileage in order to pay highway tax since EV’s are not paying at the pump.
 

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Appreciate the clarification on this matter. I was on a travel trailer website forum recently and the Cybertruck was brought up so I followed the conversation and it seems quite a few people are opposed to the EV Tax Credits and it was also brought up about GPS to track mileage in order to pay highway tax since EV’s are not paying at the pump.
Just a bit hypocritical, I'd say. Trailers don't pay highway taxes, either. :rolleyes:

I understand Oregon's "EV registration fee penalty in lieu of gas taxes" is double California's. And that's whether you drive it or not!
 
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Oh, I wish that I had thought of that!! Excellent point. I wasn’t aware of Oregon‘s EV registration, but it doesn’t surprise me. PNW is getting a little out there these days. Thanks
 

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… and it was also brought up about GPS to track mileage in order to pay highway tax since EV’s are not paying at the pump.
Oregon has a program (OReGO) that tracks mileage (I think OBDll, but maybe GPS, no info here). Registration is much more if you don't use it. Currently pay 17 cents per mile with lower registration if you do use it. Only calc I saw said about 6,500 miles to break-even.
 
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Frank W

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Oregon has a program (OReGO) that tracks mileage (I think OBDll, but maybe GPS, no info here). Registration is much more if you don't use it. Currently pay 17 cents per mile with lower registration if you do use it. Only calc I saw said about 6,500 miles to break-even.
I’m not opposed to paying my fair share since I think that they will have to address it at some point everywhere but then you hear about “them” putting the money into a general fund instead of where it was supposed to go. I recently moved from WA to GA so I’m still learning about this area.
 

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This is huge if the extension goes through! The Cybertruck was already a great value at the announced pricing. This would put its pricing at $33k (single motor), $43k (double motor) and $63k (tri motor). :eek:

No wonder TSLA stock is about to hit an all time high today.
 

TeslaMURF

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I’m not opposed to paying my fair share since I think that they will have to address it at some point everywhere but then you hear about “them” putting the money into a general fund instead of where it was supposed to go. I recently moved from WA to GA so I’m still learning about this area.
ok, ummm... u probably won't believe it, but we came from The Great PNW also... several years ahead of u... truly a small world 🚵🏎😁
 

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I assure everyone here that this will pass and that the truck sold before mine will be the last truck that gets the $7,000 tax credit...
 

SONNYDUT

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I would love to see the rebate happened for my Cybertruck.
 
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ok, ummm... u probably won't believe it, but we came from The Great PNW also... several years ahead of u... truly a small world 🚵🏎😁
Wow! What are the odds of that?! Great to be back here.
 

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Maybe I'm missing something. But by the time Tesla releases the cybertruck won't they have already sold over 600k cars in the USA?

Must be around 520k + already.
 

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Unfortunately, this bill did not pass today.


Spending deal does not hike EV credit, boosts aviation inspection funds

Via https://www.reuters.com/article/us-...oosts-aviation-inspection-funds-idUSKBN1YK1YH

December 16, 2019

WASHINGTON (Reuters) - The U.S. Congress declined to extend a $7,500 tax credit for electric vehicles but will boost funding for aviation safety after two deadly Boeing 737 MAX crashes.

General Motors Co (GM.N) and Tesla Inc (TSLA.O) have been pushing for more than a year for extension of the credit, which phases out once an automaker hits 200,000 vehicles sold, and many lawmakers had been pushing to include the extension. The tax credit is aimed at defraying the cost of electric vehicles that are more expensive than similarly sized internal combustion engine vehicles.

Both GM and Tesla have already hit 200,000 EV sales. Senator Debbie Stabenow, a Michigan Democrat who authored a proposal to extend the credit, said Monday the EV proposal faced significant opposition from the White House, according to her office.

Tesla’s credit fell to $1,875 in July and will be zero after Dec. 31. GM’s credit fell to $1,875 on Oct. 1 will be zero after March 31.

Stabenow proposed in April granting each automaker a $7,000 tax credit for an additional 400,000 vehicles on top of the existing 200,000 vehicles eligible for $7,500 tax credits. A separate bill in the U.S. House proposed a smaller credit for used EVs.

In response to two Boeing crashes that killed 346 people and led to the grounding of the 737 MAX fleet, Congress will increase funding for aviation safety by $67 million, which is “targeted for hiring specialized staff with expertise in human factors; and increases training and credentialing requirements for safety inspectors.”

It also boosts funding to “improve the safety reporting database... and to promote U.S. safety standards with foreign civil aviation authorities through outreach and training.”

The Federal Aviation Administration’s certification of the MAX and its long-standing practice of delegating some tasks to Boeing has come under harsh criticism from lawmakers.
 

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Well that's a bummer!! But getting additional funding for aviation safety is also very nice!

Overall it's a win, just not the win I was hoping for (how cool would it have been to get a credit on used EVs?!).
 

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