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

[Diehard]

Lemme read up on the federal...

I really appreciate you taking the time.

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[Cybertruck Hawaii]

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.

Price will be hiked the same amount as the credit. Company knows how to take advantage of the customer.

 

[Crissa]

Price will be hiked the same amount as the credit. Company knows how to take advantage of the customer.

Wanna bet?

-Crissa

 

[Billh]

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 am not American but the last time I checked in with Sandy Munroe on Youtube the mexican built fords are getting almost twice as much incentive and the chinese are going to mop the floor in USA EV market if someone doesn't wake up and start supporting Tesla sinse it is the only true american car left... Im Canadian but as Elon said to the SPACE FORCE top brass staff inovate or your children will be speaking Mandarin.

The big corps are using MBA mentality of outsoursing to the cheapest bidder to maximise short term profit and loose control of their future freedoms and rights. Educate your kids to work hard to compete ....Watch Munroe Live to see what is really happening not the fake news!!

 

[Crissa]

I am not American but the last time I checked in with Sandy Munroe on Youtube the mexican built fords are getting almost twice as much incentive and...

No. Those are neither American nor Union under the rules.

And no, 4500+8000 is not 'twice as much' as 8000 alone.

-Crissa

 

[Billh]

No. Those are neither American nor Union under the rules.

And no, 4500+8000 is not 'twice as much' as 8000 alone.

-Crissa

Never looked at the latest thread on incebtives as I don't get any of those here in Canada but I see that the Big 3 are getting the most incentives.(How can they have a EV event without Tesla?)

Just had a thought ....How about a Cybertruck run to Tesla Texas every year for any Cyber truck owners I think Elon would be in on that !

 

[John K]

4500+8000+7500+the list keeps growing. Soon, Tesla will pay me to purchase the truck.

I should be ineligible but, I will be taking whatever is offered,

 

[Crissa]

Only a handful of EVs are made with Union labor. This is to encourage more of them. The most popular EVs currently don't qualify... from all of the big 3.

-Crissa

 

[Ogre]

I can see this thread is going to drum up all kinds of confusion.

This forum should just let the dead rest.

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