California Tax Credit Increase from July 2020-December 2030

Discussion in 'California' started by Lmirafuente, Jul 25, 2019.

  1. Lmirafuente

    Lmirafuente Active Member

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    https://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=201920200AB1046

    I thought I would share the link above as I believe after reading this, California will raise the State Tax Credit for EVs up to $7,500 until they hit the goal of 5M vehicles sold in California or by Dec 2030 whichever one comes first. The tax credit appears to be available after July 2020, well in time for buying the Rivian's!

    So as long as the Fed Tax credit stays in tact, for Californians, we may see a total of $15,000 tax credit combining Fed and State---whoo hoo!
     
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  2. Lmirafuente

    Lmirafuente Active Member

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  3. Lmirafuente

    Lmirafuente Active Member

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    Quick update on this bill...it has been put on a suspense file in the Senate Appropriates committee, which means this is on hold until they figure a way to pay out the rebates...so hang tight. There is a committee meeting on this bill on 8/30/2019. More to come...
     
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  4. Lmirafuente

    Lmirafuente Active Member

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    Another quick update on this bill...it appears the modification is "held under submission". When I went to look at what that means withing the CA Legislature:

    HELD UNDER SUBMISSION—An action taken by a committee when a bill is heard in committee and there is an indication that the author and the committee members want to work on or discuss the bill further, but there is no motion for the bill to progress out of committee. This does not preclude the bill from being set for another hearing
    So, I guess it is a wait and see for now. I will periodically check on this, but for now our CA Tax Credit for Rivian I think is still at $2,500 is my buess.

    Here are the links supporting this post:
    I guest a $10,000 tax credit is good...hope it jumps to $15,000 (CA Tax Credit plus Fed Tax Credit) by the time we buy our Rivian's!!!

    Stay tuned...
     
  5. Skigh

    Skigh Member

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    Well you're still way ahead of us in Canada. We don't get any incentives for a vehicle over that value... because why would they encourage you to buy an EV????
     
  6. Lmirafuente

    Lmirafuente Active Member

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    If you have solar panels on your house and you are now considering storing the excess energy you may be producing during the day from your solar panels, I thought I would also share this link https://news.energysage.com/california-energy-storage-incentives-sgip-explained/ to help you decide.

    SGIP, Self-Generating Incentive Program provides a rebate that could almost pay for the battery itselft.

    As you read the link provided this California tax incentive is in addition to the tax credits you already received from your solar panels.

    I am certainly considering it and I thought worthwhile sharing as many don't know about it.

    Have a great day!
     

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