[yeetron]

Looks like a near certainty at this point, tax credit going away for all EVs built outside of North America and for all buyers making 150k or more (or 300k for married couples).

Between the price hikes and the loss of tax credit, we are all looking at a $10k total cost hike.

 

[mmmzon]

Any reference for it?

 

[yeetron]

Any reference for it?

archive.ph

This doesn't get into the details and those could still change before the vote later but by all account it's a done deal

the only uncertainty I've been able to find is if we get screwed immediately or if we have until 12/31/22 to buy (or 31/12/22 for those following along from elsewhere)

 

[macwm]

archive.ph

This doesn't get into the details and those could still change before the vote later but by all account it's a done deal

the only uncertainty I've been able to find is if we get screwed immediately or if we have until 12/31/22 to buy (or 31/12/22 for those following along from elsewhere)

In principal, I've always been opposed to the feds trying to pick winners and losers based on their (our money actually) "investing" in certain industries. It never works the way it's intended. That said, if they wish to reward me for buying an e-tron GT in 06/2022 and leasing 2 e-trons (4/2019 and 2/2022) for a total of 22.5K, who am I to turn the cash away. We already pay an absurd amount of total taxes (around 50%). The text of the bill as it stands now will make it impossible for ANYONE to receive these rebates in 2023 even purchasers of US built EV's. As it stands now there is no way any manufacturer can meet the battery content requirements. I believe that was always the true intent. Whatever the name of the bill is, expect the opposite results.

 

[mmmzon]

who am I to turn the cash away. We already pay an absurd amount of total taxes (around 50%).

I am in the same boat - I pay high taxes already, I welcome any way to recover some of them rather than have the government spend them on the next Air Force One with golden toilet seats.

the only uncertainty I've been able to find is if we get screwed immediately or if we have until 12/31/22 to buy (or 31/12/22 for those following along from elsewhere)

It is interesting that there is very little information about this cap and the conditions but when there is smoke, there is fire ... Thanks for sharing!

 

[yeetron]

I am in the same boat - I pay high taxes already, I welcome any way to recover some of them rather than have the government spend them on the next Air Force One with golden toilet seats.


It is interesting that there is very little information about this cap and the conditions but when there is smoke, there is fire ... Thanks for sharing!

I'm out and about at the moment but will share the draft text once I get home.

 

[epirali]

I have personally always believed it is a great idea to incentivize new technologies, specially ones as crucial as EVs. I don’t like laying taxes but thought it was silly to give credit to high earners buying luxury EVs. I feel the same about tax incentives for hummers and other vehicles used for personal leisure.

so I for one am in support of the cap in income/price. And honestly why shouldn’t US tax breaks help US companies and manufacturers?

i think someone who buys an Audi or Porsche EV won’t be heavily swayed to buy a Bokt due to tax incentives, but it may push others to choose EV over ICE.

 

[bpans]

This bill targeted to benefit low/medium income families and American economy. They have so many limits:

1) Income limit (150K for individual and 300K for family) - excludes folks with high income
2) Price limit - sedan 50K and suv 80k, removes luxury segments
3) Car to be manufactured in US and battery parts to be supplied from US and allies. - boost US economy.

Sad part is that Etron will fall short of (3) and well optioned cars will fall short of (2) even if buyers satisfy (1).

This means this is the end for luxury EV buyers to enjoy the $7,500!

 

[mmmzon]

So ... even before they passed it, it seems already going to be exceptions to it: Washington bureaucracy could rescue Democrats from their EV tax credit problem.

 

[davidtm]

So ... even before they passed it, it seems already going to be exceptions to it: Washington bureaucracy could rescue Democrats from their EV tax credit problem.

From your/Politico's lips to Washington's ears . . .

 

[MiaSanMia]

I wavered for a few months with the deposit I put down on my sportback when I did it in March! Now looking at all of this nonsense in this bill I am glad I did. My July delivery may be one of the last few Audi’s getting the tax credit! Probably would have gone ICE without it! **** shame!

 

[davidtm]

Only 2 months between order and delivery??

 

[mmmzon]

Yeah, that does sound like quote some luck there ...

 

[MiaSanMia]

Was a car already headed to dealership but not built, an allocation. It was lucky as I called dealerships within a 200 mile radius, this dealer was 101 miles away!

 

[Spiffster]

EV tax credits are a necessity as long as big oil is subsidized we are all paying for everyones next fill up. I dont even want to hear it from people claiming EV subsidies "stealing $ from taxpayers for the wealthy" or any such nonsense, while these same asshats benefit from taxpayers every time they fill up. I suspect most of the people complaining dont even pay federal taxes. I pay an absolutely heinous amount of taxes, 7500 was hardly a drop in the bucket. Heaven forbid I catch a break once every blue moon! I would vote for removing ALL subsidies. Sounds like this bill is just a way to screw most EV buyers, just like standard deduction increase removed or capped many itemized deductions back in 2018 (My taxes went up BTW). Mainly for deductions utilized by the middle (and upper middle) class.

 

[yeetron]

EV tax credits are a necessity as long as big oil is subsidized we are all paying for everyones next fill up. I dont even want to hear it from people claiming EV subsidies "stealing $ from taxpayers for the wealthy" or any such nonsense, while these same asshats benefit from taxpayers every time they fill up. I suspect most of the people complaining dont even pay federal taxes. I pay an absolutely heinous amount of taxes, 7500 was hardly a drop in the bucket. Heaven forbid I catch a break once every blue moon! I would vote for removing ALL subsidies. Sounds like this bill is just a way to screw most EV buyers, just like standard deduction increase removed or capped many itemized deductions back in 2018 (My taxes went up BTW). Mainly for deductions utilized by the middle (and upper middle) class.

I feel like this is a stream of consciousness straight out of my brain for the most part. I think we're both in that sort of area of income where we're punished for being moderately successful but not truly wealthy, where we get to own politicians and have laws crafted to protect us.

 

[Spiffster]

I feel like this is a stream of consciousness straight out of my brain for the most part. I think we're both in that sort of area of income where we're punished for being moderately successful but not truly wealthy, where we get to own politicians and have laws crafted to protect us.

A stream of consciousness this most definitely was! Monday morning will be my excuse with everything being a bit rushed. Articulating thoughts are not my strong suit to begin with.

 

[blraider97]

EV tax credits are a necessity as long as big oil is subsidized we are all paying for everyones next fill up. I dont even want to hear it from people claiming EV subsidies "stealing $ from taxpayers for the wealthy" or any such nonsense, while these same asshats benefit from taxpayers every time they fill up. I suspect most of the people complaining dont even pay federal taxes. I pay an absolutely heinous amount of taxes, 7500 was hardly a drop in the bucket. Heaven forbid I catch a break once every blue moon! I would vote for removing ALL subsidies. Sounds like this bill is just a way to screw most EV buyers, just like standard deduction increase removed or capped many itemized deductions back in 2018 (My taxes went up BTW). Mainly for deductions utilized by the middle (and upper middle) class.

In the same boat. The wife and I do really well but not well enough to be considered wealthy - as in I pay really high taxes and can’t afford the types of assets that might shield some of my income from taxes. And the wife and I enjoy driving nice cars to/from work because we both have meaningful commutes and make enough to enjoy driving something luxurious. So why should I not receive the tax benefit? Because we make well over $300k as a couple? Because I’m not leveraged to the hilt and can afford to splurge on nice cars? Seems to me like the government is dis-incentivizing my family from buying EVs - great move! LOL! All this does is level the playing field for ICE cars at the upper end of the market in most cases. Very counter-intuitive if you ask me but that’s politics for ya.

 

[Jayapir]

Just FYI I emailed my accountant this was the response:


The information I found is as follows:

Transition provision for EVs with written sales orders dated in 2022 prior to the date of President signing the bill but delivered in 2023 allows purchaser to claim the “old” credit in 2023. This will be good for all EVs still eligible for the current credit — meaning the automaker has delivered fewer than 200,000 EVs in the U.S. and their phase-out period has not yet ended.

So if you purchased this year you should be good

 

[blraider97]

I wasn’t worried about cars I’ve already purchased. It will impact future decision-making was my point.