BillyGee

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Old Spice

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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.
 

SONNYDUT

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I hope this bill will coming into effect when I receive my CT, I am at over all 10k in line. It would icing on the cake for my Tri-Motor. I would add FSD.
 

happy intruder

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wow......when would it be effective....anything for 2020 vehicles? my CT is 46,160....maybe for that....
 
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BillyGee

BillyGee

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  • Thread starter
  • Thread Starter
  • #8
Model 3 and Y may cannibalize those. And a bit of the S/X refresh.
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.
 

CompMaster

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Trim and your location. Quicker sale if your closer to factory. Just speculation from my part.
I am waiting but have to be realistic as well. I waited way too long (24 hours) so I am later on the list...
 

braddibbnd

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Doubt my CT reservation will qualify with the spot I have, but once it's passed I'll put an order on for a Model Y. With the number of new orders they'll have once a tax credit is passed, I don't think there will be many CT orders that qualify. Still think they should eliminate the manufacturer quantity limit and do a smaller credit for BEV and smaller still for hybrid. The tax credit needs to give us the most bang for the buck on curbing carbon emissions.
 

Error

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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.
Can anyone please help me figure out how to claim this once it goes into effect? I'm thinking about getting a model y until my CT is ready.
 

Sirfun

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The Ford Execs are already calling Washington, screaming NOOOOOOOOOOOOO!!!!!!!!!!!!!!!!!!!!!!!!!!!!

BUUUUTTTTT our Mustangs, :oops: o_O:eek::cry:
 

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