Featured New Green Act (including EV tax credit extensions)

Discussion in 'Prius, Hybrid, EV and Alt-Fuel News' started by iplug, Feb 23, 2021 at 2:24 PM.

  1. iplug

    iplug Senior Member

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    There is a quite good chance this will pass in some form:

    On 5 February, the House Ways and Means Subcommittee on Select Revenue Measures announced the reintroduction of the “Growing Renewable Energy Efficiency Now (GREEN)” Act. The bill was previously introduced in June 2020. If passed, the legislation would provide for a host of incentives across the renewable energy, energy storage, carbon capture, and electric vehicle industries.

    Some notable provisions include:

    ...increase of the electric vehicle credit cap to 600,000 vehicles sold, the credit would then reduce to 50 percent the following quarter, and then be eliminated for that manufacturer.

    ...Qualification of sales of used electric vehicles for up to a US$2,500 credit if the vehicle is more than two years old, and the sales price is less than US$25,000.

    ...Reinstatement of a 30 percent investment tax credit (ITC) through 2026, decreasing to 26 percent in 2027, 22 percent in 2028, and 10 percent for subsequent years.

    New Green Act Could Extend And Create New Credits For Renewable Energy, Energy Storage, Carbon Capture, And Electric Vehicles - Lexology
     
  2. hill

    hill High Fiber Member

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    Watch how fast manufacturers start jacking up their prices once (in their minds) they think prospective buyers will pay more because the government is going to pay part.
    Surprisingly, our elected officials can't understand a stick often works better than a carrot. If some big fat fee was attached to fossil fuel - then the government wouldn't have to give away money that they don't even have. Instead, they could be breaking more tax money in .
    .
     
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  3. iplug

    iplug Senior Member

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    It looks like only GM and Tesla have passed the 200k unit limit for the current credit, and some time ago at that.

    What is interesting in the new bill is that the phaseout is faster now. After 600k vehicles sold, the credit drops 50% the next quarter then gone. At the rate of Tesla sales, they will go through the additional 400k vehicles in less than a year.

    The bill in its current form is much more of a handout to the laggards. Of course, this has to clear the senate and there will undoubtedly be some adjustements if/by the time it passes.
     
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