Rumor: Federal EV credit overhaul back on table

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Single line item or FOH.

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$7500 for any coal powered vehicle

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There’s a Soviet joke in here somewhere.

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https://www.bloomberg.com/news/articles/2022-07-27/senate-deal-includes-ev-tax-credits-sought-by-tesla-toyota
“A breakthrough deal between Senators Chuck Schumer and Joe Manchin includes the extension of a popular consumer tax credit for the purchase of electric vehicles, according to people familiar with the matter, a big win for EV-makers like General Motors Co., Tesla Inc. and Toyota Motor Co.
:tada::champagne::partying_face:

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And the bad news. Income limits

“Tax credits for electric vehicles made it into the new deal, according to two Senate Democratic aides. Electric Vehicle tax credits will continue at their current levels, up to $4,000 for a used electric vehicle and $7,500 for a new EV. However, there will be a lower income threshold for people who can use the tax credits – a key demand of Manchin’s. Manchin had been staunchly opposed to electric vehicle tax credits throughout negotiations.”

“Under BBB discussed in 2021 income limits were agi of $250k or $500k for couples to get the new EV tax credit. Price limits were < $55k & SUVs <$80k. $tsla Model 3 Std and Model Y would qualify. Manchin wanted to lower prices to 50K & 70k with income at 175k & 350K…we’ll see”

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My money is on that Machin is trolling Biden and will pull the rug out at the end. (again)

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Make it 100/200 with a $60K under 6K and $90K over 6K GVWR limits.

He was under the influence of covid when he agreed to this deal.

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So the vehicle section starts page 359

150/300k income limit 80k or less SUV/truck 55k cars.

All starts in 2023

And a new benefit for 75k/150k income or less $4k to buy a used Ev or phev for 25k or less.

So what happens to leasing companies taking the credit!?!

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Is that 300k income for a truck that must be under 80k? Or is that total household income 300k?

Get ready for lots of aftersale OTA options.

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Page 376 and 377.

If you’re married and make over 300k no tax credit and if the car costs more than 55 or the suv pickup or van is more than 80k no credit.

Will be interested in a better TLDR version tomorrow but there look like some varying times for implementation and also some potential for dealers applying the credit at point of sale.

Can’t imagine placing limitations on MSRP eligibility for the credit is going to help get more EV’s on the road. I could be wrong though.

So any manufacturer not past 200K vehicles (Rivian) gets kneecapped by the income limitations going into place?

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This would be such a waste of taxpayer money. We don’t need more subsidies. Ev demand is off the charts.

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In reality anyone who can afford an EV now likely already has ordered or is driving one. You want to subsidize EV adoption further, give the incentive to those who actually need it.

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i can’t see it in the bill but will this reset each individual manufacturer’s credit allotment?

I agree to the extent that the income eligibility provides that subsidized incentive. But creating the income eligibility AND a MSRP limitation seems redundant.