Good Bye $7,500 tax credit!

JimBob

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If you believe that it is in everyone's interest to replace combustion engines with electric then here's why.

In the US the average EV costs about $66,000. The average gas car powered costs about $42,000.

If you need to get millions of EV's on the road, you need to get the price down in the market segment where most people live and encourage manufacturers to produce for it. A dollar to someone in this segment is worth a lot more than a dollar to someone in the Porsche segment.

Now of course the arriving flood of Chinese EV's won't need the incentive to be price competitive.
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Moto_Joe

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Sorry f10tt. Your job stinks!


I wrote a majority of the environmental portion of the bill.

It did just pass the Senate with Harris as the tb and will pass the House either through a special session this evening or tomorrow.




No, it doesn't.
Elections have consequences.
I hope our citizens are paying attention and that this kind of snafu is remembered on Election Day!
 

Eric

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It's Sunday, I don't understand how this new bill just passed the Senate given congress is not in session until tomorrow.

Also I just did a quick Google search and could not find breaking news confirmation of this report. 🤔
Believe me it passed
 

senditback

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Personally, I did take advantage of the tax credit as it was there for the taking for this year’s taxes. But was it socially responsible to do so? That’s debatable.
I work 60-80 hours weeks. I pay over 50% of my income to the government. The one time I get a tax break that actually benefits me, I'm sure as shit going to claim it. If that's an extra $7500 that won't go towards another endless war, that's just gravy.
 

O2TheL

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Less incentive to buy a new Taycan in 2023, therefore props up the residual for used Taycans?

Discuss......
 


Jhenson29

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I work 60-80 hours weeks. I pay over 50% of my income to the government. The one time I get a tax break that actually benefits me, I'm sure as shit going to claim it. If that's an extra $7500 that won't go towards another endless war, that's just gravy.
You stop at 80 hours? Slacker. That’s not even half the week. Best start hustling so you can make up that $7500.
 

PDACPA

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It's Sunday, I don't understand how this new bill just passed the Senate given congress is not in session until tomorrow.

Also I just did a quick Google search and could not find breaking news confirmation of this report. 🤔
They worked the weekend. 22 hour session.
 


PDACPA

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If the effective date of 1/1/23 stays at final signing into law, then you will need to take delivery (put in service) your Taycan by 12/31/2022 to qualify to get the tax credit of $7,500 for Tax Year 2022.

Deposits, allocations, and even paying for the vehicle by that date will not allow you to obtain the $7,500 tax credit unless you take delivery and put it in service on or before 12/31/2022.

I did a quick scan of the senate document and did not see anything on it, but I believe the 30% tax credit up to $1,000 for the installation of a home charger will remain. Needs to be confirmed.
 

CarbonTax

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TieCon

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that's inaccurate
https://www.ftc.gov/business-guidance/resources/complying-made-usa-standard
"For a product to be called Made in USA, or claimed to be of domestic origin without qualifications or limits on the claim, the product must be "all or virtually all" made in the U.S."
Technicalities. Virtually. If the parts are sourced from other countries and imported, but then assembled in the USA it can be tagged as made in the USA. There are fine details such as amount and overall distribution of costs. The fact remains though that there are ways to claim that statement and many companies do this.
 

CarbonTax

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Technicalities. Virtually. If the parts are sourced from other countries and imported, but then assembled in the USA it can be tagged as made in the USA. There are fine details such as amount and overall distribution of costs. The fact remains though that there are ways to claim that statement and many companies do this.
no semantics here:
if the parts are sourced from other countries and only assembled in the US, it cannot be tagged "made in USA"

Any examples of exceptions to the above would cement your position.
 

TieCon

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no semantics here:
if the parts are sourced from other countries and only assembled in the US, it cannot be tagged "made in USA"

Any examples of exceptions to the above would cement your position.
I’ll let this discussion get back on track. But being an internet warrior with Google-fu is one thing versus navigating these rules with US clients. ;)
Porsche Taycan Good Bye $7,500 tax credit! 11EE6B5C-B8E8-4494-A018-B66A738A1167
 

Tooney

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I did a quick scan of the senate document and did not see anything on it, but I believe the 30% tax credit up to $1,000 for the installation of a home charger will remain. Needs to be confirmed.
Per existing law, the tax credit for EV charging equipment - 26 U.S. Code § 30C - Alternative fuel vehicle refueling property credit- does not apply to property placed in service after December 31, 2021.
Unless that gets modified, the home EV charging equipment tax credit is no more.
 

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I work 60-80 hours weeks. I pay over 50% of my income to the government. The one time I get a tax break that actually benefits me, I'm sure as shit going to claim it. If that's an extra $7500 that won't go towards another endless war, that's just gravy.
You should switch tax accountants.
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