EV Tax Credit May End With New Tax Bill

[Gorehamj]

John Goreham

Contributing Writer, GM-Trucks.com

11-3-2017

The electric vehicle tax credit may end sooner than scheduled according to reports by news outlets who have discussed the issue with lawmakers. The full text of the new tax bill has not yet been published. Media has seized upon statements by Republican lawmakers who say the tax credit, which can be as much as $7,500 per new EV, will be eliminated now, rather than follow its previously planned phase-out.

The tax credit is widely cited as a motivator for those interested in purchasing an electric vehicle. It helps bring vehicles like the compact Chevy Bolt, closer to the price point of other vehicles its size and capacities that are powered by less expensive drivetrains.

 

Automotive News quoted Xavier Mosquet, senior partner at consultant Boston Consulting Group, who authored a study on the growth of battery-powered vehicles, as saying, “There’s no Tesla 3, no Bolt, no Leaf in a market without incentives.”

Originally, the tax credit was to begin phasing out in the calendar year in which an automaker reached the 200,000 electric vehicle sales level. Chevrolet is not far from reaching this goal. By our math, Chevy gets to 200,000 by Q3 of 2018. The credits would then phase out gradually and end for Chevy by 2019. Both the Bolt battery-electric vehicle and the Volt plug-in hybrid electric vehicle qualify for the full $7,500 credit, as does the Chrysler Pacifica minivan.

 

We will bring more news on this topic if the bill is finalized and moves forward. The Chevy Bolt was the number-one-selling electric vehicle in America last month with sales approaching 3,000 units. It's sales tally was higher than the combined sum of every Tesla model sold in the month. The Volt was the number-three-selling EV in America in October. 

 

[racetrk]

The prices of the cars are inflated as is due to the incentives. Just like when health insurance started being given to employees as an “incentive”. Health insurance “costs” increased. Just like as more federal grants were handed out to college students, College “costs” increased.

This is all economics and politics. They can call it a tax credit, but at the end of the day it’s just a subsidy.

[Daryl Z71]

Good, anyone wanting one of these turds should have been paying full price to begin with.

[BIGDOGx]

46 minutes ago, Daryl Z71 said:

Good, anyone wanting one of these turds should have been paying full price to begin with.

Absofreakinglutly!

 

It's been insulting to have my tax dollars go to funding middle class and above middle class citizens ev car purchase.

 

And overall from what I have read so far Trumps new tax plan looks pretty decent.