Federal Tax Credit for Prime

Good question. With this administration and congress who knows. They don't play by the normal playbook. Would not be surprised if they cancelled it on Earth Day (Sat. 4-22-17).

 

Oh my dear friend, you are trying to predict what this "so-called President",
and the current Congress are going to do!!?? Especially considering their carbon-flaunting, climate-change-denying attitudes; neighbor I would hold on to your shorts if I were you.
I'm sure that if they thought they could get away with it, they'd cancel yesterday any program supporting alternative fuels. I do believe that they will probably not step onto that minefield, due to the anticipated screaming and gnashing of teeth from people like me.
More than likely, they'll just let these programs lapse when their expiration dates arrive. I'd check on that if you're concerned.


Posted via the PriusChat mobile app.

 

My tax advisor told me that Congress CAN pass legislation to revoke the federal credit retroactive to Jan 1, 2017. That is not the way it is usually done, but they would probably like to do that. The negative impact on California and New York residents would be a bonus. There is simply no way of knowing what will happen.

 

News reports or blog speculations? If the former, please provide a link. Thanks.

 

Possibilities include:

1.) let the tax credits sunset as currently planned.
2.) legislate an earlier sunset time frame.
3.) Cancel the credits from now going forward.
4.) retroactively cancel the credits to January 1st, 2017

Hopefully #4 is the least likely. Doesn't congress usually not retroactively cancel tax stuff? I hope anyway...

 

My understanding of the tax credit is that it was in effect for tax year 2016, but Congress/IRS has power to rescind or modify that credit for tax year 2017 up until Jan 1 2018.

They could still change or eliminate for this tax year, and a purchaser in 2017 won't know if it is in effect until they file their taxes for 2017.

Keep your fingers crossed, but don't count your chickens.......

 

I refuse to have chickens in my brand new Prime.

 

Oh NO! Just purchased Prime with a full expectation of getting back $4500 down payment when I file my tax next year.

 

FUD. Fear, uncertainty, and doubt is always rampant. You only have to make it until Jan 1st.

 

FUD. Fear, uncertainty, and doubt is always rampant. You only have to make it until Jan 1st.

 

Yes, the current administration definitely wants the credit gone, and Washington could eliminate the credit in their proposed tax shake-up and make it retroactive to this year, making all of our Primes $4500 more expensive than we planned. That's very possible, and I'm definitely going to be hurting if that happens. But on the bright side, the later and later that it gets in the year, the less and less likely that is to happen, both because history has few examples of big tax changes having distantly retroactive effective dates (and the elimination of the credit would be one of many changes they've got planned, they expect this to be a big bill), and also they'll just straight up be running out of time soon. Any changes they make to 2017 taxes, they've got to allot the IRS enough time to update all their forms and guidance and software. If they pass a big reform bill in December that includes killing the EV credit, everyone from the IRS to H&R Block probably wouldn't be able to push paper on it fast enough to update everything by January, meaning they'd be under great pressure to have it take effect in 2018. As other posters have said, if we make it to January 1st with no bill, we're good. The Republicans' current optimistic timeline is passing a bill by Thanksgiving.

Short version, elimination of the credit is likely at some point, but less likely to apply to this year's cars than it was months ago. If you don't want to see that credit lost, though, call your congresspeople and tell them how important it is to you!

 

I suppose anything is possible but I have not heard any hint of desire by the Trump admin to remove the Plug-In incentives. I would assume all is well for 2017 purchases.

 

If health care is any indication and tax reform is suppose to be more difficult, the EV credit will be good for several years. Some of this tax reform stuff will require 60 votes in the senate to pass. Good luck with that.

 

For those who want to count cars to estimate when a manufacturer's credits will start to expire go to Monthly Plug-In Sales Scorecard and remember the total is for the manufacturer not the brand. Lexus and Toyota sales have to be combined for Toyota as Chevrolet and Cadillac sales have to be combined for GM.

Tesla's credits could begin to expire in 2018 or 2019. Tesla's total volume is ~134700 through July 2017. Use your estimate for 2017 H2 US sales to arrive at the quarter when the total reaches 200000.

 

All these rumors... speculations... guessings... fears... concerns... et ceteras........

Here's a link to at least SOME "official" info / the "latest" (?) info about all this.

Alternative Fuels Data Center

 

New tax bill propose to scrap $7500 electric vehicle credit

House Republicans propose to scrap $7,500 electric vehicle credit | Reuters
EVs From Tesla and GM May Start Losing Their Tax Credits - Bloomberg

 

Bass turds. Yeah, fish do it in the water but that's not what I'm talking about.

 

Self-cannibalizing pond scum!! May they unsuccessfully seek unemployment compensation in 2018 and 2020!!

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What no smiling turd emoji when you need one? That's just wrong. ( not referring to you)