Senate $40k cap on ev tax credit

[srwaxalot]

https://electrek.co/2021/08/11/us-senate-40000-limit-price-electric-cars-ev-tax-credit/

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[giraffesR1T]

https://electrek.co/2021/08/11/us-senate-40000-limit-price-electric-cars-ev-tax-credit/

absolute insanity. lets add the salary cap on that as well. just awesome -_-

 

[thrill]

https://electrek.co/2021/08/11/us-senate-40000-limit-price-electric-cars-ev-tax-credit/

Boy, they won't be able to keep EVs on the shelves with that approach !

 

[kanundrum]

The bill still has to go through the legislative process, and it’s likely to change by the time it makes it into law.

As a FYI before we all freak out, I hope not the case.

 

[EarlyAdptr]

It's not clear to me what part of the legislative process this change is part of. If it's an amendment to the Senates Reconcillation process - the $3.5 Trillion process the D's are just starting now - then there is a long way to go. If it's part of the more recently passed $1.2 T (?) bill the Senate passed earlier this week - that's a different story. But I don't think that's the case, that bill passed with final text - on a bipartisan basis. why would an amendment be added now?

Confused. Anyone have clarity?

 

[srwaxalot]

It's not clear to me what part of the legislative process this change is part of. If it's an amendment to the Senates Reconcillation process - the $3.5 Trillion process the D's are just starting now - then there is a long way to go. If it's part of the more recently passed $1.2 T (?) bill the Senate passed earlier this week - that's a different story. But I don't think that's the case, that bill passed with final text - on a bipartisan basis. why would an amendment be added now?

Confused. Anyone have clarity?

It was an amendment to the bipartisan bill yesterday. The full text are just coming out so that’s why it’s in the news. I’m guessing the house will ax that part when it come up but who knows.

 

[mrodriguez]

It's not clear to me what part of the legislative process this change is part of. If it's an amendment to the Senates Reconcillation process - the $3.5 Trillion process the D's are just starting now - then there is a long way to go. If it's part of the more recently passed $1.2 T (?) bill the Senate passed earlier this week - that's a different story. But I don't think that's the case, that bill passed with final text - on a bipartisan basis. why would an amendment be added now?

Confused. Anyone have clarity?

It would be in the $3.5T budget bill. It would still need to go through the house and still needs to be in the final approved budget bill. It’s no where near final but it did get bipartisan support in the Senate with 3 democrats approving and 1 Republican voting against.

 

[Babbuino]

This may also be a way to stop all these new auto manufacturers coming out. They will need to come out with their flagship models firsf to make some money before venturing to the lower tier models.

 

[SANZC02]

The bill still has to go through the legislative process, and it’s likely to change by the time it makes it into law.

As a FYI before we all freak out, I hope not the case.

It will be interesting to see where this goes.

In reality how many people here drop out if they can't get the 7500 tax credit? For me, would I like to see the 7500 back in my pocket, sure, but not a driver for me to purchase the vehicle.

If they do drop the income level to households under 100K, depending if this is gross or AGI most people would not be eligible for the full amount unless they changed it from a non-refundable tax credit or allow them to roll the balance to subsequent years similar to the Solar credits. There is still a lot of work for them to do before this really goes anywhere, time will tell.

 

[AdamsFan1983]

Disappointing. TBH: absent the credit, I am unlikely to purchase an EV. That said, I don't think its realistic to worry about this yet.

Fact is, its just political garbage.

 

[giraffesR1T]

Disappointing. TBH: absent the credit, I am unlikely to purchase an EV. That said, I don't think its realistic to worry about this yet.

Fact is, its just political garbage.

Im in the same position. With the lack of incentives for higher end vehicles to support early adopters, a possible Vehicle Mileage tax, and a salary cap they are de-incentivizing EV purchases. I may as well stay with ICE if they implement these.

 

[protamine]

Laughable, just shows how out of touch they are. No idea how to stimulate industry. Just pandering.

On top of that, people who make <100k a year shouldnt buy 40k vehicles...

 

[jplblue]

Laughable, just shows how out of touch they are. No idea how to stimulate industry. Just pandering.

On top of that, people who make <100k a year shouldnt buy 40k vehicles...

Unfortunately, the intent isn't to stimulate the industry. Quite the opposite...

 

[mrodriguez]

Laughable, just shows how out of touch they are. No idea how to stimulate industry. Just pandering.

On top of that, people who make <100k a year shouldnt buy 40k vehicles...

I suspect it’s not meant to stimulate but actually reduce. It passed but it passed mostly with partisan support. Most democrats voted against it. It’s just politics as stated before. If they truly wanted to solve this problem there are definitely ways to do that via compromise on both sides. Why not take the existing bill (not passed either) that has a cap of $80k, add on an income cap (a reasonable one) and drop the unionized labor portion? That would probably get closer to making both sides more happy. That also assumes both parties want to actually compromise and come to some agreement.

Fighting EVs is really just pointless. I truly believe that ship sailed. No mfg. wants to have to develop EVs for Europe and ICE only in US. They want standardization where they can reduce costs and get benefits of scale. Fighting the transition is just wasting time and potentially missing out on future growth and development which could be located in the US.

 

[AdamsFan1983]

I suspect it’s not meant to stimulate but actually reduce. It passed but it passed mostly with partisan support. Most democrats voted against it. It’s just politics as stated before. If they truly wanted to solve this problem there are definitely ways to do that via compromise on both sides. Why not take the existing bill (not passed either) that has a cap of $80k, add on an income cap (a reasonable one) and drop the unionized labor portion? That would probably get closer to making both sides more happy. That also assumes both parties want to actually compromise and come to some agreement.

Fighting EVs is really just pointless. I truly believe that ship sailed. No mfg. wants to have to develop EVs for Europe and ICE only in US. They want standardization where they can reduce costs and get benefits of scale. Fighting the transition is just wasting time and potentially missing out on future growth and development which could be located in the US.

Oh absolutely, the amendment sponsor "doesn't want struggling taxpayers subsidizing the wealthy's cars."


I'm sure she'll be first in line to repeal the tax cuts she voted for that subsidize their 3 martini lunches, and private jets.

Funny to see how galactically out of touch (stupid) K Sinema from AZ is. While Rivian is actively considering her state for a 5 Billion manufacturing facility, she screws them.

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