Featured $100,000 income and $40,000 sales-price limit on EV tax credit

Discussion in 'Prius, Hybrid, EV and Alt-Fuel News' started by Gokhan, Aug 12, 2021.

  1. Gokhan

    Gokhan Senior Member

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  2. bisco

    bisco cookie crumbler

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    hmmm... under 40k with an income under 100? doesn't sound like it would move the needle.

    i didn't see tax credit amounts
     
  3. Salamander_King

    Salamander_King Senior Member

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    Nonbinding... so it can still change. At $40K limit, how many BEVs are out there that qualify??? Can you still find a $35K M3? Or ever?
     
    #3 Salamander_King, Aug 12, 2021
    Last edited: Aug 12, 2021
  4. Trollbait

    Trollbait It's a D&D thing

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    Sounds like new credit amounts were removed from the bill, so this might apply to the current ones.

    Comment to the article states the $100k income limit is for a couple, with $50k for a single flier.

    Sounds like an attempt to slow EV adoption.

    The Bolts, but they no longer qualify for the current credit. I'm guessing the Ioniq EV and Leaf. Pretty sure the Kandi K27, if you can find one.
     
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  5. Salamander_King

    Salamander_King Senior Member

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    I can't find Ioniq EV in my area. Kandi K27, I have never heard of. Nissan slashed the MSRP by $4-5K on upcoming 2022 models. If this law goes forward as is, Bolt not being qualified, my only choice for the BEV now is Leaf. Well, I may be able to find a Rav4PRIME SE below 40K, if I don't go for the full BEV route.
     
  6. bwilson4web

    bwilson4web BMW i3 and Model 3

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    IMHO:
    1. lease EV 3-5 years - maximum tax credit regardless of income and price under $100k. An end-of-lease EV will have covered the initial depreciation and often lead to another, new EV while the first goes into the more affordable used market.
    2. bought under $100k - this will bring affordable, moderate performance EVs into market with utility size vehicles. Small businesses may get better terms.
    3. either annual or pump road tax - both EVs and ICE use either one or the other. No splits allowing a higher EV 'hippy tax.' Allow (encourage) monthly payment instead of once a year.
    Modest priced, EVs need to join the used EV market so down-scale customers can buy them. Giving leasing an advantage encourages getting the initial depreciation out of the way and infantile problems. Moderately priced EV means they won't be 'compliance', gutless wonder carts. Probably a seat count metric to balance the trikes. Operating needs local road taxes but make them uniform for EVs and ICE ... a fair competition.

    Bob Wilson
     
  7. hill

    hill High Fiber Member

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    $100K doesn't get you very much in some of the areas around the nation - where most electric cars are purchased. With the FED Administration trying to figure out what comes after trillions, doubling down on fiat paper money - downward spiraling dollar purchase power quickly gets you even less.
    .
     
  8. bisco

    bisco cookie crumbler

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    looks like toyota lobbying is working
     
  9. Trollbait

    Trollbait It's a D&D thing

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    Kandi Electric Vehicle - Model K27
    Kandi is a Chinese car company just getting into the US. The K27 EV(there are neighborhood EV versions of the models) has an official efficiency rating up on Fueleconomy.gov. A poster child for low powered, cheap EV, the less picturesque Fiat knock off has such cutting edge features as Door Ajar Warning.

    Considering the $50k/$100k income limits, it probably the only BEV people can buy new and get the credit.
     
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  10. Salamander_King

    Salamander_King Senior Member

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    Yep, at $17,499* No-Haggle Price without the tax credit, it's cheaper than the Prius Prime with all the discounts. I can live with the sub $10K price tag after tax credit even it comes with only a 59miles EV range. The problem is, there is no dealer near. I plugged in Boston, NYC, LA zip in the dealer locater, but none found... So, where can I buy this car?
     
    #10 Salamander_King, Aug 12, 2021
    Last edited: Aug 12, 2021
  11. hill

    hill High Fiber Member

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    sounds like the asian version of the Yugo. What with the Toyota Mirai's free fuel, if you're in California, that would be a better deal as you can at least drive it longer distance for basically free.
    gotta say Pass
    .
     
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  12. Rmay635703

    Rmay635703 Senior Member

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    The tax credit can only be up to 30% of the purchase price due to the changes

    The $40k price limit + 30% cap means you can’t claim the full $12,500 credit
     
  13. Salamander_King

    Salamander_King Senior Member

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    Mirai is just as good as this Chinese EV for me. I can look at it online, but will not be able to buy one even if I really wanted.

    Your mean full $7500 credit? That does not matter to me. It was a hypothetical statement anyway. But there is no place I can buy this car, and even if it can and get a full $7500 credit, I don't have that much tax liability if they are not changing the credit to become refundable.

    That leaves me Nissan Leaf as the only choice for a new BEV purchase in near future.
     
  14. Rmay635703

    Rmay635703 Senior Member

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    Part #2 reinstates the credit for all plug ins with a max rebate of $12500 along with the ability to claim the credit regardless of your liability (since most under $100k can’t get the full amount unless they have no other write-offs)
     
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  15. Salamander_King

    Salamander_King Senior Member

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    That's great. There was some talk about making the credit non-refundable earlier. That would be a big plus for most EV buyers. Still, if the $40K, 30% max is the case, then the most amount anyone can claim would be $12000, not $12500. But close enough, I guess. I have a feeling, if this becomes a law, many manufactures would try to price their cars accordingly, to make them below $40K.

    I don't know how the law is going to affect the car already purchased in the year 2020 and especially for car swap cases, but if both can be included in the refundable tax, I can see swapping my brand new PP to a brand new Leaf-Plus this year. I will have to keep watching any development.
     
  16. ETC(SS)

    ETC(SS) The OTHER One Percenter.....

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    It's only an Amendment....the politician's equivalent of "click bait."

    I'm pretty sure that EVangelists will get their rebate love when the dust settles and the smoke clears.

    After all...it's always "somebody ELSE" that pays their 'fair share,' ....eh? ;)
     
  17. bisco

    bisco cookie crumbler

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    There are so many tax loopholes these days, who’s really paying their fair share?
    The common schmucks I suppose
     
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  18. austingreen

    austingreen Senior Member

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    Tesla and GM already ran out of federal tax credits.

    This seems to target things like the ford F150 lightning. Rivian, PoleStar. and Rav4 prime and those luxury phev and bevs from European automakers.

    It also is non binding. Really the thing needs to be reworked where it will help, but I am fine with this amendment. Why should a Rivian truck and a porsche phev get a rebate and a cyber truck not?
     
  19. hill

    hill High Fiber Member

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    why not .... some have picked up lease returns for UNDER $15,000, with an extended factory warranty, and - a $15,000 fuel card. Not that I'd have ever guessed that I would be pushing a Mirai fool cell on anyone.

    .
     
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  20. Salamander_King

    Salamander_King Senior Member

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    If you know any dealer selling Mirai and any H2 station in NorthEast, please let me know.
     
  21. Gokhan

    Gokhan Senior Member

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    Yugo is a luxury car compared to Kandi. :sick:
     
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